Post-War Credits

HC Deb 11 July 1950 vol 477 c1136

42. Lieut.-Commander Braithwaite

asked the Chancellor of the Exchequer whether undistributed post-war credits are being retained in a separate fund.

Sir S. Cripps

No, Sir. The law governing the existing repayments provides for them to be paid out of the Consolidated Fund.

Lieut.-Commander Braithwaite

Does the right hon. and learned Gentleman not recall that Parliament established these post-war credits as a nest-egg for the taxpayer? Why is the egg not in the nest?

Sir S. Cripps

Because the nest is the Consolidated Fund, which holds all the eggs.

Mr. Harmar Nicholls

Does the right hon. and learned Gentleman say that if and when post-war credits are repaid, the people receiving them will have to be taxed in order to pay themselves?

Sir S. Cripps

We always have to raise the money by taxation if we are to pay out.

Lieut.-Commander Braithwaite

On a point of order. In view of the gravity of the disclosure of the Chancellor of the Exchequer, I beg to give notice that I shall seek an early opportunity of raising this matter on the Adjournment.