Treasury Bill Interest

HC Deb 20 January 1953 vol 510 cc21-2

31. Mr. Jay

asked the Chancellor of the Exchequer whether he is now able to estimate the increase in expenditure on Treasury Bill interest during the present financial year.

Mr. R. A. Butler

I am not yet in a position to give a close estimate of the increase in this particular part of the charge for debt interest.

Mr. Jay

Why cannot the Chancellor be more candid about this? Why is he ashamed to admit what anybody can see by looking at the figures: that he has increased this expenditure by something like £100 million a year since he came into office?

Mr. Butler

I am perfectly candid. I said that it would cost more. I gave a preliminary estimate in the Budget, and it is clear that there will have to be an extra amount on top of the Budget estimate. It will not, however, be to the extent that the right hon. Gentleman says. When I can give a close and accurate figure, I shall be certainly very glad to give it to the House, because I think that the money has brought in good results.