§ 53. Sir K. WOODasked the Chancellor of the Exchequer whether the Government propose to ask for a national loan for reconstruction and development purposes in connection with the mitigation of unemployment?
§ Mr. P. SNOWDENSince assuming office the Government have stimulated, approved and assisted capital expenditure on public works to the extent of some £135,000,000. It is still the policy of the Government to give favourable consideration and financial assistance to schemes of this kind which are economically sound and will promote national development.
§ Sir K. WOODWill the right hon. Gentleman kindly reply to the question, whether the Government propose to ask for a national loan for reconstruction such as has been so graphically described by the right hon. Gentleman the Member for Carnarvon Boroughs (Mr. Lloyd George)?
§ Mr. SNOWDENIt is not the policy of the Government to promote a public loan and then try to devise some means of spending it. It is the policy of the Government to consider, and to consider favourably, provided the conditions are complied with, any proposal for national development, and if that be approved, then the Government will provide the necessary finance.
§ Sir K. WOODMay I take it that there has been no proposal in regard to unemployment which has been in any way retarded by lack of capital or other facilities?
§ Mr. SNOWDENI have already stated in this House, in reply to rumours, that there has not been put before me a single such proposal carrying the approval of the department from which it emanated which has not received my sympathetic consideration.