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Premium Bonds first went on sale on 1 November 1956 and were launched by the then Chancellor of the Exchequer Rt. Hon. Harold MacMillan at a ceremony in Trafalgar Square. He had unveiled the scheme in his Budget on 17 April that year, as a means to control inflation and encourage saving in the period after the war. Premium Bonds, he said, would be `An encouragement to the practice of saving and thrift by those members of the community who are not attracted by the reward of interest, but do respond to the incentive of fortune. My object is to invite people to save for the chance of a prize`. Read more