§ 50. Mr. O'CONNORasked the Chancellor of the Exchequer whether, in view of the fact that the main burden of the loss of income attendant on the scheme for the conversion of the 5 per cent. War Loan will fall upon the direct taxpayer, he is in a position to give an assurance that the resultant saving to the Exchequer shall be applied in reduction of the burden of direct taxation?
§ Major ELLIOTMy right hon. Friend the Chancellor of the Exchequer regrets that he cannot give definite pledges so far in advance of next year's Budget.
§ Mr. O'CONNORIs the Financial Secretary aware that a great deal of anxiety has been caused by the speech of the Lord Privy Seal in another place, and will he take an early opportunity to give an assurance on behalf of the Government that the case of the direct taxpayer is going to be favourably considered at an early date?
§ Major ELLIOTAs far as I remember, the Lord Privy Seal said that it was most desirable that direct taxation, including Income Tax, should be reduced.