National Savings

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 9th March 1965.

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Photo of Mr Willie Hamilton Mr Willie Hamilton , Fife West 12:00 am, 9th March 1965

asked the Chancellor of the Exchequer if he will now make a statement on the progress made in his consideration of the establishment of a State-run unit trust.

Photo of Mr James Callaghan Mr James Callaghan The Chancellor of the Exchequer, Member, Labour Party National Executive Committee

I am not yet ready to add to the reply I gave to the right hon. Member for Orkney and Shetland (Mr. Grimond) on 15th December, 1964.

Photo of Mr Willie Hamilton Mr Willie Hamilton , Fife West

Can my right hon. Friend give an assurance that he is speeding up his investigation of this important problem? Does he appreciate that the small saver is very anxious to participate in this kind of scheme, particularly if the shares are for sale at post offices in small units of 5s., 2s. 6d., or even 1s.?

Photo of Mr James Callaghan Mr James Callaghan The Chancellor of the Exchequer, Member, Labour Party National Executive Committee

Yes, I am much obliged. I am going into this with very great care and a great deal of information has been made available to us. I should prefer not to make a statement yet.

Photo of Mr William Clark Mr William Clark , Nottingham South

If a national unit trust is brought into being, will the Chancellor confirm that no undue advantage will be given to it as opposed to private trusts?

Photo of Mr James Callaghan Mr James Callaghan The Chancellor of the Exchequer, Member, Labour Party National Executive Committee

I think it is far too early to start talking in that way. I should have thought that the hon. Gentleman would have welcomed the imaginative ideas coming from both sides of the House on this matter.