HC Deb 08 July 1941 vol 373 c30
50. Mr. Stokes

asked the Chancellor of the Exchequer the saving to be made annually by reducing the discount rate on Treasury bills to J per cent.?

Sir K. Wood

If the Treasury bills issued by weekly tender during the year ended 30th June, 1941, had been issued at J per cent. discount the saving would have been rather less than £4,500,000.

Mr. Stokes

Am I to deduce that the saving for which I am asking is £4,500,000? Will the Chancelor explain why "Be will not take steps to get Treasury bills discounted at a lower rate than they are to-day?

Sir K. Wood

I would refer the hon. Gentleman to previous answers, to which I do not think I can add anything.

Mr. Stokes

But does the Chancellor realise that all these answers are completely unsatisfactory?

Sir K. Wood

Yes, Sir, to my hon. Friend.

Mr. Stokes

How can the right hon. Gentleman expect people to save money when he is wasting it like this?