§ 56. Sir H. Williamsasked the Chancellor of the Exchequer if he will state the cause of the delay in announcing to the House the decision made on 27th June to increase the fiduciary issue by £50,000,000; and if, in future, he will revert to the pre-war practice of making an oral announcement of any such increase.
§ Sir S. CrippsThere was no delay, as the announcement was made on 28th June in my reply to a Written Question by my hon. Friend the Member for Stockton-on-Tees (Mr. Chetwynd). I see no need for an oral announcement in such cases.
§ Sir H. WilliamsAs the whole idea when the Act was passed in 1928 was i:hat an immediate announcement should be made so that, if necessary, the Opposition could challenge the decision on grounds of urgent definite public importance, does the Chancellor think that the practice should be restored, having regard to the importance of both inflationary and deflationary movements on the part of the Bank of England?
§ Sir S. CrippsNo, Sir. The present practice has been followed since 1941, and it is quite satisfactory.
§ Sir H. WilliamsIt was not followed before the war when we were civilised.
§ Sir S. Cripps1941 is since the war began.
§ Sir Waldron SmithersDoes the Chancellor of the Exchequer realise that the Socialist Government can only implement their General Election promises by means of the printing press, by printing pieces of paper which are continually going down in purchasing power?