HC Deb 08 December 1953 vol 521 cc1799-800
47. Sir W. Smithers

asked the Chancellor of the Exchequer why he has decided to preserve the Capital Issues Committee as a permanent feature of our financial structure.

Mr. R. A. Butler

The reasons were given by the Economic Secretary to my hon. Friend the Member for Tonbridge (Mr. G. Williams) on 19th November.

Sir W. Smithers

Does that answer mean that the Chancellor of the Exchequer no longer credits the businessmen of our country with sufficient sagacity to decide for themselves how their capital should be invested? Does he not realise that the sooner the Government get out of business the better for the country as a whole?

Mr. Butler

The sagacity of the English businessman is not in question, but the sagacity of the Chancellor of the Exchequer, as advised by this Committee is, I think, a valuable feature both of our Constitution and our practice.

Sir W. Smithers

Sack the Committee.