§ 61. Mr. BROCKLEBANKasked the Chancellor of the Exchequer if, in the interest of sound and wise finance, he will consider the advisability of using all money received in satisfaction of death duties, and not only Victory Bonds, this money being generally of the nature of capital, for the redemption of debt and not for current expenditure?
§ Mr. CHURCHILLThe provision made for the redemption of debt consists of the New Sinking Fund, which is now a fixed amount of £50,000,000 a year, and the Old Sinking Fund, which represents any excess of total revenue over total expenditure. This is a more convenient and a more prudent arrangement than to make the redemption of debt dependent on the fluctuation of a single head of revenue.