§ 37. Mr. Hunterasked the Chancellor of the Exchequer the total amount of post-war credits now owing at the latest convenient date; and the present-day purchasing power of £100 of post-war credits owing from 1942, 1943, and 1944, respectively.
§ Mr. SimonAbout £431 million was outstanding at March 1st, 1959. The Answer to the second part of the Question is £52 16s. 0d., £54 14s. 0d. and £56, respectively.
§ Mr. HunterIn thanking the hon. and learned Gentleman for that reply, may I ask him to bear in mind that post-war credits have lost nearly half their value in purchasing power?
§ Mr. SimonYes, Sir. The holders of post-war credits, like many other members of the community, have suffered in the post-war inflation. That is another demonstration of the importance of overcoming and continuing to overcome inflation.
§ Mr. ChetwyndIn the repayment of post-war credits, will the hon. and learned Gentleman ask the Chancellor to bear in mind that repayment would be more fairly done, not by lowering the age of those to whom they are repaid, but by repaying the credits for each complete year in turn, beginning, say, with 1941, continuing with 1942, and so on?
§ Mr. SimonI will certainly draw the hon. Member's suggestion to the attention of my right hon. Friend. Administratively, however, that would be just about the most wasteful and expensive way of carrying out the operation.