National Savings Movement.

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Authorized form of name

National Savings Movement.

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History

The National Savings Movement was established by the British government in 1916 to reduce government borrowing through the sale of Saving Stamps and other financial products to the general public; originally conceived as a war-time expedient, its popularity led to its survival and growth until its final disbandment in 1978. The Movement comprised large numbers of local voluntary associations (sometimes called Local Savings Committees), some based in schools and workplaces, run by volunteers responsible for selling the products to the members and sending the money to the government. These voluntary organisations were supported by national Committees and regional Sub-Committees of civil servants to assist and advise. After 1960, the movement went into decline, partly because members were starting to save either directly with National Savings (now National Savings and Investments) or through banks and building societies, and there was a fall in volunteers. In 1973, a report concluded that the movement was too expensive to be supported by civil servants. The civil service structure included a Deputy Commissioner for Wales and Commissioner for the UK.

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