§ Mr. Newtonasked the Chancellor of the Exchequer how many applications for repayment of National Savings Certificates are currently being held in suspense; how many of these concern the index-linked retirement issue; and what are the total sums of money involved.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 12 March 1979] gave the following information:
At 8 March the total number of National Savings Certificate repayments on hand was 51,000. Of these it is estimated that around 3,800 were for index-linked National Savings Certificates retirement issue. The total repayment value of certificates awaiting repayment will not be known until processing by the computer is completed but the figure is estimated to be around £22.5 million.
The delays in repayment result from industrial action at a department for National Savings computer centre. The department is explaining the position by letter to all holders who apply for repayment.