§ 22. Mr. Osborneasked the Chancellor of the Exchequer if, in view of the fact that National Savings Certificates, along with all fixed interest-bearing stocks have lost two-thirds of their value since 1939 through depreciation, he will make a statement on the probable future value of the£sterling, and indicate at what level he hopes to stabilise this in the near future, and so prevent the penalising of thrift and encourage the voluntary workers in the National Savings movement.
§ Mr. R. A. ButlerI would hesitate to predict the future, but I can assure the hon. Member that the stability of the£sterling is one of the main objects of the Government's economic policy. By practising thrift everyone can help to achieve this object.
§ Mr. OsborneIn view of the magnificent work that has been done for many years by the voluntary workers in the National Savings movement, would the Chancellor take every opportunity he can to assist them in their work by showing them that the stability of the£will be watched very carefully?
§ Mr. ButlerYes, certainly, Sir, and we have had a considerable success in this field already.