HC Deb 21 July 1998 vol 316 c501W
Ms Lawrence

To ask the Chancellor of the Exchequer what performance targets have been set for National Savings for 1998–99. [51894]

Mrs. Liddell

National Savings has as its declared aim to add value by helping to reduce the costs to the taxpayer of Government borrowing and by supporting Government savings policies. This is supported by three objectives:

  1. i) to market Government debt to retail investors so as to help minimise the combined cost and risk of the total National Debt and to contribute to the Government's funding needs
  2. ii) to promote Government Savings policies amongst personal investors
  3. iii) in meeting these objectives the Agency will operate cost-effectively and in a competitive and commercial manner without distorting the market1.

During 1998–99 National Savings will be set the following challenging targets:

  1. i) To work within the terms of the funding remit for 1998–99
  2. ii) To improve the efficiency of customer transaction processes by 3 per cent.
  3. iii) To achieve a 97 per cent. outturn against all NS published timeliness targets
  4. iv) To achieve overall accuracy level of 97 per cent. of purchases and repayments
  5. v) To show 95 per cent. of customers surveyed are satisfied or very satisfied with service provided by NS
  6. vi) To complete the project to deliver Year 2000 compliant systems throughout NS by 31 December 1998
  7. vii) To make a recommendation to the EST about the conclusion of the public-private-partnership project by 31 October 1998
  8. viii) To develop arrangements for future provision of operational services accommodation that maximise value for money by 31 March 1999
  9. ix) To maintain Investors in People accreditation covering at least 95 per cent. of workforce with substantial progress towards 100 per cent. coverage
  10. x) To successfully conclude investigation and resolution of outstanding issues related to NAO report on financial reporting by 30 November 1998
1 These are the aim and objectives revised as part of the CSR in June 1998. They are different to those set out in the Debt management report and NS Annual Report.

The funding remit sets out the costs and volume assumption that National Savings works to. The remit was published in the Debt Management report issued in March 1998, and has since been amended to reflect the Government's latest financial requirement, as set out in Annex 4B of the EFSR report, Cm 3978.