§ 13. Mr. Croninasked the Chancellor of the Exchequer if, pending the report of the proposed committee on monetary policy, he will take steps to increase the quantity and improve the quality of professional economic advice available to the Treasury on current economic and monetary policy.
§ Mr. P. ThorneycroftNo, Sir. I am not short of advice inside or outside the Treasury.
Mr. CrownIs the right hon. Gentleman aware that, judged by vulgar standards of apparent success, he does need some advice. Is he aware that there is not a single professional economist in the overseas finance division or in the home finance division or in the central economic planning section of the Treasury, and also that the economic section is underpaid, understaffed, and overworked?
§ Mr. ThorneycroftI have no comment on its being underpaid, but certainly it is strongly worked. I have, however, adequate and able advice within the Treasury, and I have a great deal of advice outside which I can call upon.
§ Mr. LiptonBut the right hon. Gentleman does not take it.
§ Mr. CooperIs my right hon. Friend aware that since the end of the war the professional economists have invariably been very wrong when giving their advice, and that what is really wanted at the Treasury is a greater application of sound business common sense?
§ Mr. ThorneycroftSome of these supplementary questions presuppose that the advice one receives is unanimous-upon these matters.