HC Deb 14 October 1952 vol 505 c18
31. Mr. Jay

asked the Chancellor of the Exchequer whether he will now estimate the increase in Government expenditure on debt interest in the year 1952–53, due to the rise in the Treasury Bill rate.

Mr. R. A. Butler

I am not yet prepared to add to what I said in the Budget debate and my hon. Friend the Financial Secretary said in the debate on the Second Reading of the Finance Bill.

Mr. Jay

As the right hon. Gentleman has not merely raised the interest rate b? 2 per cent., but has also increased the level on borrowing from the banks, would I be right in asking whether the increase in Government expenditure under this head must be well over £100 million a year?

Mr. Butler

The right hon. Gentleman is trying to bait me with his own figures to give one of my own. I am not willing to give a figure at the present time since, quite frankly, I have not an exact figure to give. Directly I have one to give, I think it should be in the possession of the House. Meanwhile, I would advise the House not to accept the exaggerated statements of the right hon. Gentleman.