HC Deb 22 December 1964 vol 704 cc1035-6
16. Mr. Mathew

asked the Chancellor of the Exchequer what steps he is taking to accelerate the repayment of post-war credits.

Mr. MacDermot

My right hon. Friend cannot do so in present circumstances.

Mr. Mathew

Will not the hon. and learned Gentleman say how soon this long-outstanding debt will be extinguished at the present rate of repayment?

Mr. William Hamilton

Thirteen years.

Mr. MacDermot

I cannot say how long it will take, but the position is that over two-thirds of these credits have now been repaid. Over £500 million have been repaid and some £25 million have been set off against arrears of tax.

Sir J. Langford-Holt

Can the Financial Secretary assure the House that the rate of repayment and the extension of categories for repayment will not be slower than it has been for the last thirteen years?

Mr. MacDermot

It certainly will not be slower. As the hon. Member knows, apart from various hardship cases entitling repayment, men can claim repayment at the age of 60 and women at the age of 55. By the natural processes of time, this will result in speedier repayment as the years go by.