HC Deb 22 October 1940 vol 365 cc933-4
46. Mr. Leslie Boyce

asked the Chancellor of the Exchequer whether he will draw public attention to the fact that if firms and private persons would carry a proportion of their current bank balance in the Post Office Savings Bank, without interest, a large sum, free of interest, would be available to the Government without cost and with little inconvenience to the lenders?

Sir K. Wood

I am indebted to my hon. Friend for his suggestion, but I do not think that it would be desirable to encourage the transfer to the Post Office Savings Bank of sums held on bank accounts to meet current requirements. I expressed the hope, in the appeal which I recently made, that so far as possible loans free of interest should be made direct to the Treasury for the period of the war and three months thereafter. I also indicated that the Post Office Savings Bank was available for the making of deposits without interest, particularly for smaller amounts.

Mr. Simmonds

With regard to loans direct to the Treasury, can they be made for a short period and then transferred to the Commissioners of Inland Revenue in payment of taxes?

Sir K. Wood

I should like to see that Question on the Paper, but I. understand that is so.

Mr. Boyce

If that be so, why did the Financial Secretary give me an answer in a contrary sense on the Second Reading of the last Finance Bill?

Sir K. Wood

I cannot recall that answer; but I will have inquiries made, as I think there may be a misunderstanding.