§ 43. Mr. Gresham Cookeasked the Chancellor of the Exchequer the amount invested in National Savings during the last financial year; and what proportion of those savings was spent as revenue and capital, respectively.
§ Mr. H. BrookeNet investment in National Savings during the financial year 1954–55 was £117.5 million, including accrued interest. As there was a revenue surplus in that year no expenditure above the line was financed by borrowing, either through National Savings or otherwise.
§ Mr. Gresham CookeWould not my right hon. Friend think that generally speaking Government borrowing should be devoted to capital purposes? Does he think it right that repayment of post-war credits, which are revenue in the hands of the recipients, should be financed by Government borrowing?
§ Mr. BrookeI do not see anything in the original Question concerning postwar credits.