§ 55. Mr. Osborneasked the Chancellor of the Exchequer what is today's nominal value, including accrued interest, of a National Savings certificate, purchased in August, 1945, for 16s.; and what is its real purchasing power allowing for the subsequent drop in the internal purchasing power of the £.
§ Sir S. CrippsA Savings Certificate bought for 15s. in August, 1945, is now worth 17s. 0½d. and would now have a purchasing power in terms of 1945 prices of about 13s. 10d.
§ Mr. OsborneDoes the Chancellor think it fair and just to savers that money lent to his predecessor at 15s. should be repaid at 13s. 10d.?
§ Sir S. CrippsIt is not necessarily being repaid, but it is exactly the same as regards all other investments.
§ Mr. OsborneDoes the Chancellor think it is an encouragement to savers to treat the matter with such levity?
§ Sir S. CrippsI doubt whether the sort of Questions which the hon. Gentleman puts encourages anyone to do anything.
§ Mr. Godfrey NicholsonDoes the Chancellor think that figures such as he has just disclosed reflect credit or discredit on a Socialist Administration?
§ Sir S. CrippsI do not think they reflect either, they reflect the change in the 1762 value of money which has been general all over the world.
§ Lord John HopeDoes the answer to that supplementary question mean that the Chancellor does not welcome Questions on the value of money?
§ Sir S. CrippsNot at all. I have no objection to Questions concerning the value of money, but I do not think it is a good thing to suggest to people that it is not a good thing to save.
Mr. StanleyDoes not the Chancellor make it quite plain by his manner of answering Questions that he does not welcome Questions on this subject at all?
§ Sir S. CrippsNo, Sir; I do not think the right hon. Gentleman is as tender-skinned as he would like to appear.
§ Mr. OsborneDoes the Chancellor suggest that because the Questions are awkward for him to answer we have no right to put them to him?
§ Sir S. CrippsNo, Sir. They are not in the least awkward to answer.