§ Mr. Grimondasked the Chancellor of the Exchequer what was the total of personal savings in the last financial year.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 25th May 1978], gave the following reply:
Figures for the financial year 1977–78 are not yet available. For the calendar year 1977, saving by the personal sector, before providing for stock appreciation, depreciation and additions to tax reserves, amounted to £14.1 billion. Personal saving is defined as in the United Kingdom National Accounts—that is, as the difference between personal disposable income and consumers' expenditure.
§ Mr. Grimondasked the Chancellor of the Exchequer what was the rate of personal savings in the United Kingdom in the last financial year compared with the rate in the EEC.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 25th May 1978], gave the following reply:
The latest information available is given in the following table:
766Wthis with the annualised growth in gross domestic product at current market prices, calculated by reference to the total of GDP in the calendar quarter immediately before and the calendar quarter immediately following the date in question, as compared with the total of the previous two quarters. The real M1 and sterling, M3 growth figures have been calculated using the gross national product market price deflator, averaged on the same basis. Figures for 1978 are not yet available on the same basis as those given in the table.
SAVING* OF PERSONAL SECTOR† AS A PERCENTAGE OF PERSONAL DISPOSABLE INCOME‡ 1974 1975 United Kingdom 12.4 13.9 Belgium 22.0 n.a. France 17.5 17.7 Germany 12.0 n.a. Italy 21.7 23.8 Netherlands 17.2 15.3 n.a.—not available. * After deducting stock appreciation but before deducting depreciation. † Households and private non-profit-making institutions. ‡ Including "Change in actuarial reserves for pensions of residents". Sources:
United Kingdom; National Income and Expenditure 1966–76 (adjusted to international definitions).
Other countries: National Accounts ESA 1960–75, published by the Statistical Office of the European Communities.
Details for other member countries of the EEC on a comparable basis are not available.
The percentages are affected by the different economic structures in the countries concerned; in particular there are substantial differences between countries in the proportion of the working population which is self-employed, which will 767W be reflected in the savings of the personal sector.
The figures for the United Kingdom have been adjusted to international definitions with the result that the percentages shown differ from those compiled in accordance with national definitions.