HC Deb 20 March 1951 vol 485 cc2296-7
49. Mr. Bossom

asked the Chancellor of the Exchequer the total for the last three financial years of loans to nationalised industries, Government boards and local authorities.

Mr. Gaitskell

I would refer the hon. Member to the various accounts which are presented to Parliament annually, particularly the accounts in respect of the public corporations, and to the annual reports of the Public Works Loans Board.

Mr. Bossom

Does not this mean that most of this money was provided by taxpayers, and in the case of local authorities does it not mean that the same people who pay their taxes will often have to pay rates to repay these loans?

Mr. Gaitskell

If the money is borrowed it may or may not come out of taxation—that all depends on circumstances. Obviously, the interest will have to come out of the rates.

Mr. Bossom

Will not a person who is both a ratepayer and a taxpayer have to pay the money twice?

Mr. Gaitskell

I do not think that that is the case, but I am not quite sure that I follow the hon. Member.

Miss Burton

Would it not be fair to compare these loans with subsidies given to private enterprise industry before the war—such as steel—which also came from the taxpayers?

Mr. Gaitskell

That is fair comment.