§ 28. Mr. Hoyasked the Chancellor of the Exchequer what recent representations he has received urging the payment of interest on post-war credits; and his reply.
§ Mr. H. BrookeI would refer the hon. Member to the Answers given to my hon. Friend the Member for Norfolk, Central (Sir F. Medlicott) on 23rd June, to the hon. Member for Dunbartonshire, East (Mr. Bence) on 3rd November, and to the hon. Member for Feltham (Mr. Hunter) on 8th November. The matter has been raised with my right hon. Friend occasionally by other hon. Members in correspondence.
§ Mr. HoyBut is not the right hon. Gentleman aware that during the General Election, the Secretary of State for Scotland, amongst others, gave a specific pledge that he would raise this matter with the Chancellor? We should like to know whether or not that has been done.
§ Mr. BrookeThree Questions, at least, have been answered in this House since then, and, in reply, the Chancellor and I have pointed out that to pay interest on post-war credits at 2½ cent. would cost £131½ million. At 3½ per cent. the cost would be £19 million. I apologise to the House for having said, the other day, on the spur of the moment, that the cost would be £16 million or £17 million. The position remains, and I think this is supported by most hon. Members, that if the additional money were available it would be better to use it to pay out postwar credits more quickly.