HC Deb 03 November 1959 vol 612 cc849-50
40. Mr. Brewis

asked the Chancellor of the Exchequer what would be the extra annual cost of raising the rate of interest on 3½ per cent. War Loan from 3½ per cent. to 3¾ per cent.

Mr. Amory

About £4¾ million.

Mr. Brewis

That seems a comparatively small sum. Will my right hon. Friend bear in mind that many patriotic people bought this stock when it was a 5 per cent. stock in the First World War, and that it was subsequently reduced to 3½ per cent.? Will he consider whether these people, as well as holders of postwar credits, should share in any increased national prosperity?

Mr. Amory

I must remind my hon. Friend that there was an option in respect of this stock for redemption at par in 1932. The present holders are either holders who did not avail themselves of that option or who have bought the stock since.