HC Deb 30 May 1957 vol 571 cc579-80
7. Mr. Turton

asked the Chancellor of the Exchequer how far his requests to the banks to restrict credit apply to overdrafts of football clubs as compared with those of private traders.

Mr. Birch

My right hon. Friend's requests have been in general terms applicable to all borrowers.

Mr. Turton

Will my right hon. Friend bear in mind that it causes concern when a small business being refused an overdraft of £500 finds a football club's overdraft has gone up from £4,000 to £6,000 or £7,000?

Mr. Birch

I have noted my right hon. Friend's remark.

Mr. H. Wilson

Will not the right hon. Gentleman look again at this whole question of the credit squeeze? Is he not aware that some of the biggest spenders of capital in this country, oil companies and others, are able to disregard the credit squeeze altogether while, as the right hon. Gentleman the Member for Thirsk and Malton (Mr. Turton) fairly says, many small traders, some of them vital to the nation because of what they produce or trade in, are being very badly hit indeed?

Mr. Birch

The credit squeeze is operated by the banks under the general directive of my right hon. Friend.