§ 49. Mr. Shortasked the Chancellor of the Exchequer whether he will make arrangements to invest all outstanding post-war credits in Premium Bonds, pending their withdrawal under the existing regulations.
§ Mr. PowellNo, Sir.
§ Mr. ShortWill the Minister say why not? What is the objection? Why cannot it be done? Would it not be a reasonable compromise between repaying the whole lot and the present unsatisfactory arrangements, which do not commend themselves to anybody?
§ Mr. PowellThe purpose of the Premium Bonds is to serve as vehicles for new savings, and not as a means of distributing money raised by taxation.