HC Deb 04 July 1961 vol 643 cc1218-9
5. Mr. C. Hughes

asked the Chancellor of the Exchequer what steps he is taking to investigate the hardship caused to persons who have invested in War Loans.

Mr. Selwyn Lloyd

I would refer the hon. Member to the Answers which my hon. Friend the Economic Secretary gave to the hon. Member for Leicester, North-West (Sir B. Tanner) on 27th June.

Mr. Hughes

Would not the Chancellor agree that a very large number of people in this country have invested their entire savings in War Loan for patriotic reasons, and has he no morsel of hope or comfort to give them? Are not the Government going to do anything to mitigate the losses which they have sustained?

Mr. Lloyd

I am acutely aware of the harship which has occurred in many cases, but I think that it would be wrong of me to raise any false hopes. The best way to help is to maintain the value of sterling abroad and try to change the present balance of payments position. I think that that is the way in which we shall help these people best.

Mr. John Hall

Will not my right hon. and learned Friend look at this matter again? Is not he aware that many people responded to the appeal to their patriotism to invest in War Loan? Is it really fair that they should be penalised, as compared with those who resisted this appeal? Will not he consider dating this stock, if he does nothing else?

Mr. Lloyd

A number of very wide aspects of public policy would be involved in such a step.

Mr. Jay

Ts the Chancellor aware that, quite apart from patriotic appeals in the past, the Financial Secretary, speaking in this year's Budget debate, said that giltedlged investors could look forward with more confidence? As prices have fallen by another four points since then, cannot he offer a little more sympathy to the people concerned?

Mr. Lloyd

I have said that I am aware of the hardship involved in many cases. I have every confidence that what my hon. Friend said will be justified in time.