asked the Chancellor of the Exchequer what are the social objectives of the voluntary savings movement.

The National Savings committees see the social objectives as the teaching and inculcation of good money management and a sense of personal financial responsibility.

Is the right hon. Gentleman aware that it is total hypocrisy to invite people to save and then to make their money meaningless 10 years later?

I admire the hon. Member's management of that supplementary question. I am sure that he will agree that the best way to encourage savings of all kinds is to ensure that the rate of inflation is brought down—and that is what the Chancellor is doing.