Personal Savings

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 7th March 1967.

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

I am glad to say the level of personal savings remains high. I would, of course, like to see this level even higher, and am always willing to consider ways of increasing it.

Photo of Mr John Boyd-Carpenter Mr John Boyd-Carpenter , Kingston upon Thames

Can the right hon. Gentleman assure the House that he is actively considering such further steps, in view of his own observation last year that the higher savings were, the less the need for tax?

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

Yes, Sir. The right hon. Gentleman has in his time gone through a period similar to that through which I am passing at this moment.