§ 56. Mr. Errollasked the Chancellor of the Exchequer what limitations he is imposing on the nationalised industries for the raising of new capital for the hire purchase agreements initiated by those boards.
§ Mr. Glenvil HallI would refer the hon. Member to paragraph 11 of the Memorandum of Guidance to the Capital Issues Committee of May, 1945 (Cmd. 6645). Similar considerations would apply to public boards as to other undertakings. No public board has been authorised to borrow money by issue of stock for the purposes mentioned.
§ Mr. ErrollAs the Chancellor has made a more recent statement than that referred to by the Financial Secretary, can the right hon. Gentleman say whether the remarks of the Chancellor—to the effect that private industry is to be restricted in regard to hire purchase agreements—apply now? Will he say whether the nationalised boards are similarly restricted?
§ Mr. Glenvil HallI have said so. Nationalised boards and private industry are on exactly the same footing in this matter.