HC Deb 23 March 1979 vol 964 cc771-3W
Mr. Brotherton

asked the Chancellor of the Exchequer (1) what extra interest payments he proposes to make to savers whose requests for withdrawal of national savings certificates have been delayed because of industrial action at the national savings computer;

(2) whether he will be paying interest to premium bond prize winners whose prizes are being delayed because of industrial action at ERNIE.

Mr. Joel Barnett

I refer the hon. Member to the reply which I have today given to a question by the hon. Member for Horsham and Crawley (Mr. Hordern).

Mr. Arthur Lewis

asked the Chancellor of the Exchequer in the light of the industrial dispute of the civil servants which is delaying the payment of Premium Bond winners, and the repayment of National Savings certificates, whether he will arrange for the recipients to receive cumulative interest on their moneys at the current bank rate for the time that the Government are withholding payment.

Mr. Joel Barnett

I would refer my hon. Friend to the reply which I have today given to a question by the hon. Member for Horsham and Crawley (Mr. Hordern).

Mr. Hordern

asked the Chancellor of the Exchequer (1) what compensation he proposes to pay to holders of national savings certificates who have been unable to encash them on the due date because of industrial action; and if he will make a statement;

(2) whether he will arrange to pay additional interest on interest due to holders of Government securities which has not been paid on the due date because of industrial action; and if he will make a statement.

Mr. Joel Barnett

The Government regret the hardship and inconvenience to savers resulting from delays in payments on national savings securities because of industrial action by a few civil servants. We accept that the Government's standing as a good borrower requires that some recompense should be paid for this delay, particularly in those cases where no further interest becomes payable under the prospectus because of the delayed payment. The exact terms and arrangements, including any de minimis provision, are being considered.