HC Deb 09 July 1940 vol 362 c1077
50. Mr. Stokes

asked the Chancellor of the Exchequer whether the Government will open a national bank for the purpose of financing contracts, thereby avoiding the payment of interest charges to private moneylenders?

Sir K. Wood

No, Sir. I do not accept my hon. Friend's contention. I would refer to the reply I gave to him on 25th June.

Mr. Stokes

Does the Chancellor not realise what a contribution this policy would make towards the avoidance of hanging another huge war debt around the neck of the nation when the war is over?

Mr. Shinwell

Why should Government contracts be financed at a fairly high rate of interest by private banks? Surely the right hon. Gentleman appreciates that?

Sir K. Wood

That is another matter. If the hon. Gentleman will put a question down, I will endeavour to answer him.