HC Deb 28 July 1925 vol 187 cc238-9
42. Mr. BARNES

asked the Chancellor of the Exchequer whether he will state the sum represented in the appreciation of War Loan caused by the appreciation of the £1 sterling to parity; and whether he proposes to introduce any legislation to secure that interest on War Loan investments shall be stabilised at the value obtaining when the loans were raised?

Mr. GUINNESS

Owing to conversions and other changes it is not possible to give an accurate estimate of this appreciation: but the hon. Member will find some information on this point in the answer given on the 26th May to the hon. Member for Peckham (Mr. Dalton) of which I am sending him a copy. The answer to the last part of the question is in the negative.

Mr. BARNES

Has the right hon. Gentleman realised that, if the Government cared to explore the suggestion in this question, they might save the £10,000,000 necessary for next year's Budget with less hardship than will be caused by the introduction of the Unemployment Insurance Bill?

Mr. GUINNESS

No, but there is no doubt they would commit an absolute and definite breach of a solemn contract.