§ Mr. Matthew Banks
To ask the Chancellor of the Exchequer what targets he has set National Savings on its creation as an executive agency of his Department; and if he will make a statement. 
§ Mrs. Angela Knight
National Savings has today been established as an executive agency of the Chancellor of the Exchequer. Its main aim is to support the Government's management of its debt and its policies for personal savings by attracting and retaining investments from the retail market efficiently and cost effectively. It will be set clear targets to continue to improve value for money for the taxpayer and the level of service to customers. Accordingly, I have set the following performance targets for its first year, 1996–97.
- (i) To work within the terms of the 1996–97 funding remit1
- (ii) To manage National Savings so as to deliver its aims within the resources allocated by Parliament.
- (iii) To improve efficiency by 6 per cent. in 1996–97.
- (iv) To develop a consistent agency-wide unit costing system drawing on the development of resource accounting by end March 1997.
- (v) To achieve a 97 per cent. outturn against all national savings published timeliness targets.
- (vi) To set up a consistent system by end March 1997 to measure accuracy of those transaction processes that most affect customers (repayment and purchase).
- (vii) To show 85 per cent. of customers surveyed are either satisfied or very satisfied.1 The funding remit sets out the costs and volume assumption that National Savings works to. It is not published because of commercial confidentiality.
I have today placed copies of the agency's framework document in the Libraries of both Houses.
Following open competition Peter Bareau has been selected as the new agency chief executive. He will take up post on 15 July 1996.