HC Deb 06 August 1940 vol 363 cc32-3
57. Mr. Stokes

asked the Chancellor of the Exchequer his reasons for not publishing full details of the Government's weekly borrowing; and whether, in view of the public anxiety in this matter, he will reconsider his decision not to do so?

Sir K. Wood

For the present, it is my intention to continue the separate weekly publication of receipts from the Small Savings Campaign, the sale of National War Bonds and loans free of interest. This I regard as the best form of publication. There remains the floating debt, that is, Treasury bills, Ways and Means advances and borrowings from the banks under the scheme recently announced. To a large extent these items are interchangeable, and fluctuations in one item from week to week are unimportant and apt to be misleading. I am, however, aware of the public interest in the matter and intend to make the full figures available at monthly intervals.

Mr. Stokes

Does the Chancellor realise that as the new scheme means borrowing on the deposits of the depositors, the depositors have a right to know what he is doing?

Sir K. Wood

They will know.

Mr. Pethick-Lawrence

While appreciating the promise of the Chancellor to give a monthly statement, may I ask whether he realises that this change of information gives rise to a good deal of misgiving and that the British public and those interested in finance are quite capable of discounting any changes which might otherwise lead to misunderstanding? Cannot he have the matter reconsidered?

Sir K. Wood

I think that there has been some misapprehension, but my right hon. Friend will agree that that was because it was not realised that these figures would be published at regular intervals and that there is only an alteration from one week to one month.

Sir H. Williams

Is there any reason why the change was made?

Sir K. Wood

I referred to it in my answer.

Mr. Benson

If there is a misapprehension, is not that a reason for giving more information and not less?

Sir K. Wood

I think it will be found quite acceptable when it has been in practice.