Small Savings.

Oral Answers to Questions — National Finance. – in the House of Commons on 21st July 1942.

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Photo of Mr David Gammans Mr David Gammans , Hornsey

asked the Chancellor of the Exchequer the explanation for the fall in small savings during recent weeks; whether he is satisfied that the present average weekly savings are adequate to meet their share of war expenditure; and if not, what steps are being taken to remedy the position?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

The recent decline in subscriptions to small savings securities is, I think, mainly due to the seasonal influence of holidays and to the fact that the National Savings Movement has concentrated recently on expanding its group organisation. It is satisfactory, however, that sales of the smaller denominations of Savings Certificates, which afford a rough guide to the level of savings out of wages, are running at a rate approximately 17 per cent. higher than during the corresponding period last year. As regards the future, the National Savings Movement's "Tanks for Attack" campaign opens this week, with the express object of increasing the level of small savings during the forthcoming months.

Photo of Mr David Gammans Mr David Gammans , Hornsey

Does my right hon. Friend feel that the present level of savings is adequate to meet the proportionate share of the war expenditure which should be met by savings?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

No, Sir; I would never take up that attitude.

Photo of Mr Herbert Williams Mr Herbert Williams , Croydon South

Would my right hon. Friend give some reassurance to those who have been disturbed by the recent statements of the Minister of Labour that the rentier class is to be abolished?