asked the Chancellor of the Exchequer what was the highest effective net yield that could have been obtained by a man on the national average wage investing £100 in National Savings scheme on 30th November, 1970; and what was the highest effective yield he could have obtained by purchasing Government stock through the stock market at the close of business on the same day.

Assuming that he is a standard rate taxpayer the highest net return would be from National Savings Certificates which, if held to maturity, offer repayment equivalent to an annual average yield of £5 15s. 0d. The highest after tax return—including estimated annual capital gain to redemption—from a Government security would be £7 6s. 0d. from 3 per cent. British Transport Stock 1978–88.