HC Deb 07 March 1996 vol 273 cc340-1W
27. Mr. French

To ask the Chancellor of the Exchequer what plans he has to increase the levels of savings held by the public. [17645]

Mr. Waldegrave

The 1995 Budget reduced tax on savings income for basic rate taxpayers, benefiting around 14 million taxpayers.

Mr. Harry Greenway

To ask the Chancellor of the Exchequer what were the levels of savings in(a) the last year and (b) the year to May 1979 in 1996 values; and if he will make a statement. [17988]

Mrs. Angela Knight

It is not possible to quote the levels of saving at 1996 values. Current national accounts practice is to revalue at 1990 prices. Total personal saving at 1990 prices in the 12-month period to September 1995—the latest available year—was £37.4 billion. The corresponding figure for the 12-month period to June 1979 was £30 billion. The national accounts are prepared quarterly and this is the closest period to May 1979 for which there are data. Information on personal sector saving at current prices is published annually in the Central Statistical Office Blue Book and quarterly in the CSO first release quarterly national accounts and is held on the CSO database; all sources are available in the Library.