Below is the text of Mr Major's response on Personal Savings made on 15th February 1990 in the House of Commons.
Mr. French To ask the Chancellor of the Exchequer what action he is taking to promote personal savings and investment.
Mr. Major There have been a range of measures to encourage savings and investment in recent years.
Mr. French Has my right hon. Friend been able to assess the popularity of personal equity plans following the improvements made to that scheme by his distinguished predecessor? Notwithstanding present high mortgage commitments, are not more and more people investing in PEPs?
Mr. Major My hon. Friend has taken a great interest in the personal equity plan schemes. He will be delighted to know that the number of plans taken up and the amount invested are now running at higher levels than at any time.
Dr. Marek As so often, the right hon. Gentleman talks about savings for those who are basically rich enough to afford advice on how to save. What does he intend to do for the ordinary saver, the person who is being crucified by the present high mortgage rates?
Mr. Major The hon. Gentleman may conceivably not have noticed it or remembered it, but independent taxation comes into force from 1 April this year, which will be of considerable help to the married woman saver.