§ 15. Mr. Barnettasked the Chancellor of the Exchequer, in his study of a State-run unit trust, if he will consider setting up a series of State-run unit trusts covering the differing yields and degree of risk which different types of small investor would be prepared to take.
§ Mr. CallaghanI do not propose to embark upon a Government unit trust scheme at the present time but the point raised by my hon. Friend will be kept in mind.
§ Mr. BarnettIs my right hon. Friend aware that by having, for example, high-growth unit trusts we could set an example by providing for the transfer of funds from bingo halls and betting shops to better forms of investment in unit trusts, which would provide both a gain for the holders and a gain for the country?
§ Mr. CallaghanYes, Sir, there is a great deal to be said in favour of unit trusts of this kind. I notice that one enterprising firm already proposes to set up a unit trust to take advantage of the new gains that will be secured through the introduction of the Corporation Tax.
§ Sir F. BennettIs not one of the unhappy consequences of present Government policy that bingo does not pay Capital Gains Tax whereas investment in gilt-edged does?
§ Mr. CallaghanThe only unhappy thing that I see at the moment is the faces of hon. Members opposite.
§ Mr. GrantHas the Chancellor had the benefit of reading a memorandum on this subject prepared by the Wider Share Ownership Council? If so, will he heed the warning therein that the management of such unit trusts should be entirely separate from the Government to avoid back-door nationalisation?
§ Mr. CallaghanThe hon. Member came on a deputation to me, when he made this point. I thought that I gave him satisfaction then.