§ 66. Mr. Stokesasked the Chancellor of the Exchequer whether his attention has been called to a recent decision of Governors of the Bank of England to pay six of their number an additional £30,000 per annum; and whether he will take steps to secure that this sum is to be added back as profit before assessing the Bank for Excess Profits Tax?
§ Sir K. WoodNo, Sir, the hon. Member has been misinformed. As stated in the Press, the proprietors decided, in March last, that the maximum annual amount available for payment of remuneration or pensions to the members of the Court of Directors rendering exclusive service to the Bank should be increased by £30,000. As regards remuneration, I understand that the object was to enable the number of whole-time Directors to be increased. No objection can be taken to the provision of pensions in respect of exclusive and whole-time service. The Excess Profits Duty, in the case of the Bank as of other institutions, will be assessed in accordance with the law.
§ Mr. StokesIs the Chancellor of the Exchequer not aware that an arrangement of this kind altogether defeats the Excess Profits Tax?
§ Sir K. WoodNo, Sir.
§ Mr. LawsonWill the right hon. Gentleman give reasons for the increase?
§ Sir K. WoodI have just done so.
§ Mr. GranvilleDoes this payment take into consideration equality of sacrifice?
§ Sir K. WoodI have already stated that the extra remuneration has been given on two counts, one, that the number of directors rendering exclusive service to the Bank was increased—[HON. MEMBERS: "Why?"]—and, secondly, in order to give pensions in respect of exclusive and whole-time service.
§ Mr. StokesBy how many were the full-time directors increased?
§ Sir K. WoodI will ascertain and communicate with the hon. Gentleman.
§ Mr. GallacherCan the Minister tell us, in a few simple words, how these salaries 608 compare with the wages paid to the soldiers?