§ 26. Lieut-Colonel Liptonasked the Chancellor of the Exchequer how much will be refunded in post-war credits, and how much will be outstanding, by the end of the current financial year.
§ Mr. H. BrookeBy the end of the current financial year it is expected that £240 million of post-war credits will have been repaid, and a further £20 million set off against arrears of tax for 1945–46 and earlier years. The amount still outstanding will then be about £540 million.
§ Lieut.-Colonel LiptonCan the hon. Gentleman say how many years, at the current rate of repayment, it is going to take before these debts are repaid, and will he tell the Chancellor that if he were a bookmaker he would long since have been posted at Tattersall's as a defaulter?
§ Mr. BrookeIt was said in the House the other day that it would be about 35 years before the bulk of these post-war credits were paid off—
§ Lieut-Colonel LiptonToo long.
§ Mr. Brooke—but these are Budget matters, and the hon. and gallant Gentleman will not expect me to anticipate anything that my right hon. Friend might wish to say.
§ Mr. GowerCan my hon. Friend give an assurance that in future we shall never repeat the experiment of post-war credits?
§ Mr. S. SilvermanCan the hon. Gentleman estimate, on the assumption that the post-war credits continue to be repaid at the same rate as they have been so far—it is said it will take another 35 years—whether, at the end of that time, they will, at the present rapidly falling value of the pound, be worth anything at all?
§ Mr. BrookeThat would depend whether or not there is a Socialist Government in power.