HC Deb 31 October 1944 vol 404 cc629-30
55. Sir H. Williams

asked the Chancellor of the Exchequer if he can furnish an estimate of the obligations of the Treasury in excess of the National Debt, as stated on page 6 of the Financial Statement, 1944–45, in respect of Income Tax postwar credits, Excess Profits post-war credits, accrued interest in respect of National Savings Certificates and sterling credits to the account of the Government of India and of other British and foreign governments.

Sir J. Anderson

As regards the post-war credits, I would refer my hon. Friend to the note to Table II on page 4 of the Financial Statement, 1944–45. The interest accrued on National Savings Certificates up to the 31st March, 1944, was £223,000,000. Sterling balances held by overseas countries, though they represent a liability from the point of view of our national economy, are not direct obligations of the Treasury nor do the balances themselves form part of the National Debt in the technical sense of the term. A large portion of these balances has, of course, been invested directly or indirectly in short-term Government securities, which already form part of the National Debt.

Sir H. Williams

Is it not the case that we have incurred some thousands of millions of expenditure overseas which has been met by foreign and Empire Governments, and have incurred a debt to them which does not appear in our obligations? We have incurred expenditure without sanction from the House.

Sir J. Anderson

I do not take that view.

Sir H. Williams

The expenditure has been incurred and it has not been sanctioned.

Sir J. Anderson

It has all been sanctioned.

Sir I. Albery

Can the right hon. Gentleman give a definition of the difference between a technical debt and one that is not technical?

Sir J. Anderson

What I said was that they are not technically debts due by the Government, but debts due by one central bank to another, for example.