HC Deb 26 February 1946 vol 419 c1746
60. Sir Hugh Lucas-Tooth

asked the Chancellor of the Exchequer whether he is aware that the present narrow range of investments in which trustees may by law invest trust moneys, together with the low rates of yield from such investments, cause hardship to beneficiaries whose sole income is derived from trusts with limited investment powers, especially charities and old retired persons; and whether he will introduce legislation to amend the Trustee Act, and give all trustees a somewhat wider range of investment.

Mr. Dalton

I would refer the hon. Member to my answer to the hon. Member for Sutton Coldfield (Sir J. Mellor) on 22nd January.

Sir H. Lucas-Tooth

Does the right hon. Gentleman mean that he is not actuated wholly by the desire to keep down the rate of interest on trustee securities?

Mr. Dalton

If the rate of interest falls and the degree of risk is to remain the same, it is inevitable that some people's income should fall unless greater risks are run than have been judged in the past to be right for trustees to run.