Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 30 June 1964.
Mr Patrick Duffy
, Colne Valley
12:00,
30 June 1964
asked the Chancellor of the exchequer what progress has been made in devising a form of contractual savings scheme in consultation with the leaders of the National Savings Movement; and when he expects to announce the initiation of a practical scheme.
Mr Maurice Macmillan
, Halifax
A detailed study is in hand. Progress is being made and my right hon. Friend hopes to make an announcement in due course.
Mr Patrick Duffy
, Colne Valley
Will the hon. Gentleman convey to his right hon. Friend the need to make a statement as early as possible? As personal savings appear to have reached a plateau, would not the hon. Gentleman agree that there is a need to expedite such a scheme? Secondly, will he say what he has in mind when he refers to a contractual savings scheme?
Mr Maurice Macmillan
, Halifax
With regard to the second part of that question, I do not think that I can go any further at this moment. It is necessary to wait until we have some knowledge of the scheme. My right hon. Friend intends to make an announcement as soon as practicable, and I think that the hon. Gentleman realises that he need not ask me to persuade my right hon. Friend to take savings seriously.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
