§ 20. Mr. Pageasked the Chancellor of the Exchequer whether he will arrange for the Inland Revenue to accept in future payment of Estate Duty in British Government securities at par or the price of issue.
§ Mr. P. ThorneycroftThis facility is part of the terms of issue of 4 per cent. Victory Bonds and 4 per cent. Funding Loan 1960–90 and is, therefore, available already to investors in these securities. It is not attached to any other description of Government stock at present on issue. It was criticised by the Colwyn Committee in their Report of 1927. I believe that their criticisms hold good today. But merits apart, I cannot consider any proposal to vary the issue terms of outstanding Government securities.
§ Mr. PageDoes my right hon. Friend not think that this facility, if extended to other Government securities, would have a steadying effect on gilt-edged, would give confidence in those securities and would be an encouragement to savings?
§ Mr. ThorneycroftSince my hon. Friend has asked me, I must say that I can find no solid body of advice which will tell me in that sense.