HC Deb 13 February 1961 vol 634 cc931-2
50. Mr. Nabarro

asked the Chancellor of the Exchequer, having regard to widespread under-employment and short-time working in British industry today, whether he will make a statement upon the effect of the credit squeeze in its present form to date.

The Economic Secretary to the Treasury (Mr. Anthony Barber)

The Government's credit restriction measures have reduced to some extent the pressure of demand at home upon our resources. Under-employment and short-time working, however, are not widespread.

Mr. Nabarro

Is my hon. Friend aware that in the Midlands, for example, over 100,000 industrial workers are employed for between two and a half and four days a week only? Does my hon. Friend propose to allow another two months to elapse until the Budget before any further remedial measures are proposed to get these men back to full time work?

Mr. Barber

I was referring to the economy as a whole. My hon. Friend will agree that, while it is still too early to say what the effect of the easement in hire purchase restrictions in January will be, some improvement has already been reported in the motor industry.

Mr. Nabarro

Is it proposed to take any further measures before the Budget, or have we to wait another eight weeks for that to be done? Does not this represent in the aggregation a huge loss of national wealth?

Mr. Barber

No. I cannot accept what my hon. Friend says. We will certainly bear his observations in mind, but it is an exaggeration to say, as he has, that there is widespread underemployment and short-time working in British industry.