HC Deb 03 July 1951 vol 489 cc2139-40
45. Mr. Osborne

asked the Chancellor of the Exchequer what is today's nominal value, including accrued interest, of a National Savings Certificate, purchased in August, 1945, for 15s.; and what is its real purchasing power allowing for the subsequent drop in the internal purchasing power of the pound sterling.

The Chancellor of the Exchequer (Mr. Gaitskell)

17s. 11d. and 13s. 3d., respectively.

Mr. Osborne

Is the Chancellor of the Exchequer personally proud of the policy that repays a 15s. loan at 13s. 3d. after having had the loan for six-and-a-half years?

Mr. Gaitskell

I think that the hon. Gentleman knows perfectly well that I am much concerned about the rise in the cost of living, the cause of which is largely beyond our control.

Sir H. Williams

Having regard to his concern, why does not the right hon. Gentleman stop the printing presses at the Bank of England which are the cause of the trouble?

Mr. Osborne

As the Chancellor is concerned, will he give any hope that this depreciation is about to come to an end?

Mr. Gaitskell

Yes, Sir. I think that there is some reason for hope here because international commodity prices, as I said the other evening, have recently shown a tendency to move downwards.