§ Mr. Hordernasked the Chancellor of the Exchequer what arrangements he proposes to make to facilitate the return to normal operations of the premium savings bond prize draws; and if he will make a statement.
§ Mr. LawsonThe payment of premium savings bond prizes, which stopped 305W on 23 February as a result of strike action by computer operators at the bonds and stock office resumed on 4 May. The payment of prizes in the March draw is now under way. There is, however, a very considerable backlog of work which it will be impossible to clear under the existing prize structure because of the very large number of prizes each month. To permit recovery within a reasonable period it will, therefore, be necessary to reduce substantially the number of prizes payable each month. In order to achieve this reduction a revised prize structure will be introduced on a temporary basis. The revised structure will not affect the total amount of money paid out each month and will include a substantial increase in the number of jackpot prizes which will all be paid on a weekly basis.
The temporary structure will come into effect after the three month period of notice required by the prospectus and will apply to prize draws due in September to December 1979; the prizes in respect of those draws should be paid in November and December. The normal monthly timetable for draws will be resumed from 1 January 1980. The revised prize structure to apply then will be announced later.
(a) Weekly 1 of £100,000 1 of £50,000 1 of £25,000 (b) (i) for the monthly draw of the remainder each complete £100,000 divided into:
- 5 of £5,000
- 25 of £1,000
- 500 of £100
(ii) of the remainder each complete £10,000 divided into:
- 1 of £5,000
- 2 of £1,000
- 30 of £100
(iii) any amount of less than £10,000 will be allocated in £100 prizes and any residual added to next month.