HC Deb 20 February 1941 vol 369 cc291-2
64. Mr. E. Smith

asked the Chancellor of the Exchequer whether he will appoint a committee to inquire into banking, finance and credit, with a view to reporting as soon as possible on how credit can be best utilised for the benefit of the nation, the establishment of a national central financial authority, the stabilising of prices and a long-term policy for a planned economy?

Captain Crookshank

No, Sir. My right hon. Friend does not think such an inquiry is either necessary or desirable at the present time.

Mr. Smith

In view of the fact that industry is now being mobilised in the war effort, does not my right hon. and gallant Friend consider that finance and credit should also be harnessed to the nation's needs, and, if so, are not the suggestions made in the Question essential steps to take with that object in view?

Mr. Granville

Will the Financial Secretary take into consideration that the direct taxation of industry has now reached a point when it is necessary for industrial concerns, with the extension of capital outlay and war production to borrow from the banks in order to pay taxation?