Small Savings

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 14th February 1957.

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Photo of Mr Reginald Moss Mr Reginald Moss , Meriden 12:00 am, 14th February 1957

asked the Chancellor of the Exchequer what steps he will take to encourage small savings.

Photo of Mr Enoch Powell Mr Enoch Powell , Wolverhampton South West

A number of steps to encourage small savings were taken in 1956, and a marked increase has already followed.

Photo of Mr Reginald Moss Mr Reginald Moss , Meriden

What steps is the hon. Gentleman going to recommend to encourage small savings in the Post Office?

Photo of Mr Enoch Powell Mr Enoch Powell , Wolverhampton South West

If the hon. Member is referring to the fact that the Post Office rate of interest is unchanged, I would remind him that it is a fact that the National Savings Movement has itself recommended that this rate should not vary with market rates of interest.

Photo of Mr Maurice Macmillan Mr Maurice Macmillan , Halifax

Would my hon. Friend consider adjusting the amount deducted from National Assistance of recipients' small savings with a view to encouraging people to continue saving, even though they are on National Assistance, in view of the fact that at the moment it is more profitable for them to spend their savings and draw extra National Assistance when they have spent them?

Photo of Mr Enoch Powell Mr Enoch Powell , Wolverhampton South West

That is not a question for me but for the Minister of Pensions and National Insurance.