asked the Chancellor of the Exchequer what is the approximate purchasing power today of a Savings Certificate purchased in August, 1939; and if he will assure purchasers of Savings Certificates that there will be no loss to them of purchasing power in the future.

A 15s. Savings Certificate bought in August, 1939, is worth 18s. 9d. today. Its future purchasing power, if cashed, depends on what is bought with the money, and it is therefore impossible to consider any such assurance as that suggested by the hon. Member.

May I ask the Chancellor of the Exchequer why he has deliberately misinterpreted the meaning of the Question? I want to know what is the purchasing value in normal commodities of a certificate now as compared with 1939. Is he not aware that inflation is a deterrent to the Savings Movement?

It is quite impossible to state what the purchasing power is, unless we know on what the money is to be spent. Some foodstuffs, for example, are at prewar prices. If it is spent on those, then the purchasing power is the same as in 1939. Other articles are more expensive.

Would the purchasing power be more or less?

In some cases it would be more.