55. Mr. Norman Smithasked the Chancellor of the Exchequer whether he is aware that rising prices harm the National Savings Campaign by deterring potential subscribers; and whether he will, accordingly, float a loan with interest payments 32 and eventual redemption based on a cost-of-living sliding scale.
§ Mr. GaitskellNo, Sir.
Mr. SmithIs the House to infer from that negative answer that, in my right hon. Friend's opinion, it is beyond the wit of man to devise a financial system that shall not be fraudulent?
§ Mr. GaitskellI certainly would not wish to give any such impression to my hon. Friend, whose experience in this matter and devotion to this subject are well known to all of us.
Mr. SmithDoes my right hon. Friend not understand that there is a reluctance on the part of savers to part with their money, although they would wish to do so, when they know perfectly well that their money will decline in value, whichever party is in power, unless there is an alteration in the financial system?
§ Mr. GaitskellI am a little surprised that my hon. Friend, whose reputation for inflationary policies is so well known to us, should be so bold in speaking about the danger of rising prices.