HC Deb 07 July 1942 vol 381 cc638-9
48. Mr. Frankel

asked the Chancellor of the Exchequer why the committee appointed to conduct an independent investigation into the banking and insurance industry and not representative of the interests directly affected includes amongst its 10 members a director of the Equity and Law Life Assurance Society, a director of the Legal and General Assurance Society, a director of the Fine Art and General Assurance Company and a former secretary of the Prudential Assurance Company; and whether, in view of this fact, he will reconsider his decision not to appoint a representative of those employed in the industry?

The Chancellor of the Exchequer (Sir Kingsley Wood)

It was essential to find men of wide business experience, and I see no reason to alter the composition of the committee. None of those who have undertaken this urgent work can be justly described as representing the interests of the institution directly affected simply on the grounds that among their many preoccupations they happen to have the connections to which my hon. Friend refers,

Mr. Frankel

Does the Chancellor think that the answer he has given to-day is consistent with his previous reply to a similar Question; that the committee would examine the banking and insurance industry, and that consideration was given as to whether it was desirable or otherwise to make it independent of the interests concerned? In view of the names I have mentioned, and the position these people hold, does he still think it possible for the committee to be inde- pendent? Does he not consider it is desirable to have employees represented?

Sir K. Wood

This matter has been carefully considered by my right hon. Friend the Minister of Labour and myself, and we think that on the whole it is the best and most practical committee.

Mr. Frankel

Does the Chancellor think it fair to try and cloud this issue by bringing the Minister of Labour into it?

Sir K. Wood

I stated, when I announced the appointment of the committee, that the matter had been considered in conjunction with the Minister of Labour.

Mr. Frankel

In view of the unsatisfactory nature of the reply, I beg to give notice that I shall raise the matter again on the Adjournment.