HC Deb 07 July 1999 vol 334 c551W
Ms Lawrence

To ask the Chancellor of the Exchequer what performance targets have been set for National Savings for 1999–2000. [90496]

Ms Hewitt

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 two objectivesto market Government debt to retail investors so as to help to minimise the combined cost and risk of the total national debt and to contribute to the Government's funding needs; to promote Government savings policies among personal investors.

In meeting these objectives the Agency will operate cost effectively and in a competitive and commercial manner that does not distort the savings market; and in a manner that benefits both Government and the retail saver–now and in future. During 1999–2000 National Savings will be set the following challenging targets:

  1. i. To work within the terms of the funding remit for 1999–2000;
  2. ii. Following the outsourcing of National Savings' operations, by 31 March 2000 to implement a productivity measure to monitor cost reductions;
  3. iii. No less than 97 per cent. of all customer sales documentation to be issued within the published time scales;
  4. iv. No less than 97 per cent. of all customer sales documentation to be 100 per cent. accurate;
  5. v. No less than 97 per cent. of all customer payments documentation to be issued within the agreed time scales;
  6. vi. No less than 97 per cent. of all customer payments documentation to be 100 per cent. accurate;
  7. vii. No less than 97 per cent. of after sales customer correspondence to be responded to within agreed time scales;
  8. viii. To introduce a new Pensioners Bond by mid July 1999;
  9. ix. To agree a new contract with POCL, by 30 September 1999, which secures improved commercial practice and enables development of a new relationship to incentivise value, service and cost competitiveness;
  10. x. To achieve IiP accreditation by 2000;
  11. xi. To make firm proposals for the resolution of the historic transaction accounting discrepancies by 31 October 1999;
  12. xii. To publish the first full set of audited product accounts by 31 December 1999.

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 1999.