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National Savings

Volume 895: debated on Monday 7 July 1975

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asked the Chancellor of the Exchequer how many savings bank accounts are registered at Cowglen, Glasgow; and how many dormant accounts there are with a credit of under £1.

Of the total of 26 million active accounts maintained by the National Savings Bank, 12·4 million were at Cowglen, Glasgow at 31st December 1974. There are 27·6 million inactive accounts with balances of less than £1.

asked the Chancellor of the Exchequer (1) whether, before the official scheme is advanced, he will ask the Working Party of the National Savings Committee to continue to seek out and evaluate further suggestions for small savings schemes until the end of 1976 when the national savings stamp is withdrawn;(2) whether there is any intention to seek out and provide an alternative service for small savers on the lines of that given by voluntary workers in street groups;

whether the working party set up to consider these and related matters has completed its findings, whether any further inquiries are contemplated; and if he will make a statement.

A working party of the National Savings Committee for England and Wales was set up to consider alternative means for group savings when the national savings stamp is withdrawn from sale. It examined a wide range of suggestions before recommending in its Report, which has been accepted by the National Savings Committee, that a limited experiment should be made with the existing national savings club scheme adapted for house-to-house collection. The working party is now planning the details of such a scheme which, if approved by the National Savings Committee, could be the subject of limited field trials by voluntary workers starting later this year. The working party will continue to consider the merits of any suitable alternative schemes brought to its notice. The National Savings Committee for Scotland is also considering schemes to replace the stamp and is being kept in close touch with developments in England and Wales.