Post-war Credits

HC Deb 18 February 1954 vol 523 cc2132-3

13. Mr. Morley

asked the Chancellor of the Exchequer if he will consider imposing a capital levy in order to raise funds to pay off the outstanding post-war credits.

Mr. Boyd-Carpenter

No, Sir.

Mr. Morley

Is the Financial Secretary aware that the suggestions made in the Question were first put forward by a very distinguished economist, the late Lord Keynes, and if this suggestion were put into operation his right hon. Friend would earn great popularity by paying out post-war credits without any fear of inflation?

Mr. Boyd-Carpenter

I appreciate fully the very understandable and legitimate public desire to see the payment of post-war credits accelerated, but I can think of no more disastrous method of accelerating them than by indulging in the old-fashioned and, I thought, discredited expedient of a capital levy.