National Savings

EDM number 944 in 1992-93, proposed by Alex Carlile on 25/11/1992.

That this House notes with alarm the proposed increases to minimum deposits and purchases in National Savings; notes further that this entails raising the minimum for each deposit into an investment account, including the amount required to open an account, from ú5 to ú20, and into an ordinary account from ú5 to ú10; deplores the fact that the minimum purchase of premium bonds by parents, guardians, or grandparents for children under 16 years of age will rise ten-fold from ú10 to ú100; believes that such increases in the midst of the worst recession since the 1930s are unnecessary, unwarranted, and insulting; further believes that these increases will penalise parents wishing to begin a nest-egg for their children, pensioners, and those especially in rural communities; regrets that this is a further sign that Her Majesty's Government is hopelessly out of touch with the economic plight of the population; and calls upon the Chancellor of the Exchequer and the Government to abandon any plans to implement these atrocious and unnecessary increases which can only devastate people already suffering from the ongoing recession.

This motion has been signed by a total of 27 MPs.