Banking: National Savings & Investments

Lord Peston Excerpts

Wednesday 5th December 2012 Lords Chamber

[Lord Sassoon]

My Lords, NS&I takes index-linked and fixed-interest savings certificates on and off sale. When they were last on offer, during 2011, demand reached completely unprecedented levels. It meant that the sales volumes far exceeded what was anticipated and what represented value for money in terms of the target that the Treasury set for NS&I.

[Lord Peston]

My Lords—

[Baroness Kramer]

My Lords—

[Noble Lords]

This side!

[Lord Peston]

My Lords, I nearly forgot my question. The Minister referred to looking askance at his answer. I must say that I associate myself with my noble friend. Is he not aware that a more positive response would have been to say, “Yes, it is an extremely good idea to improve the range of savings products out of fairness to small savers. It will raise the propensity to save and increase the flow of funds to the Treasury”. In the light of the most ludicrous Autumn Statement in living memory, I would have thought that the Treasury would like to have all the help that it can possibly get.

[Lord Sassoon]

My Lords, there are 26 million savers with NS&I. We take their interests very seriously. They have over £100 billion invested. It is one of the largest savings organisations in the country, and that will continue.