Duty and Customs Column

Two generations ago it was another leader of the Labour party Harold Wilson who memorably employed the phrase 'a squalid raffle' to describe the proposals then afoot to introduce premium bonds. Times change forecasts sometimes remain unfulfilled and what may seem revolutionary in one era appears quite normal to those who come later. But so far as I am aware there have never been any suggestions that the purchase of premium bonds has become addictive or that destitution has followed from an excess of purchases of this National Savings investment. True as with all financial products an individual may in an excess of initial enthusiasm buy too many. But if...