Savings Ratio

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 25th January 2001.

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Photo of Andrew Smith Andrew Smith The Chief Secretary to the Treasury 12:00 am, 25th January 2001

The right hon. Gentleman is of course right to say that savings are important for this country. What he should take account of, though, is not simply the net savings ratio, which, as the pre-Budget report shows, is set to grow on the basis of the policies for stability that we put in place, but what is happening to the overall level of savings, the gross level of savings, which is robust. Moreover, very importantly, the 1999 figures for the long-term level of savings, the most recent year's figures that we have, show that gross savings were £3 billion higher than in 1996 and £5 billion higher than in 1995.