§ 63. Mr. Pethick-Lawrenceasked the Chancellor of the Exchequer whether, in his arrangement with banks for providing credits for contractors, he has stipulated for a maximum rate of interest and other charges; if so, what the maximum is; and whether he has undertaken any liability to the banks on account of any such credits granted by them?
§ Sir K. WoodI do not consider such a stipulation is necessary, as I am satisfied that the banks have not taken, nor do they wish to take, any advantage of the present emergency. No undertaking has been given on behalf of tine Government on account of any such credits.
§ Mr. Pethick-LawrenceIs the Chancellor aware that the rates charged by the banks under this arrangement for which the Government have ultimately to pay, are considered by many people unnecessarily high?
§ Sir K. WoodI have not received any complaints about the matter. If the right hon. Gentleman will send me cases, I will look into them.
§ Mr. ShinwellShould the rates of interest be any higher than the Government are prepared to pay to those who are ready to lend money to the State?
§ Sir K. WoodThis arrangement is working perfectly well, and there have been no complaints of any kind.
§ Mr. StokesIs it not about time the Government took control of the nation's credit?