§ 44. Mr. J. H. Osborn
asked the President of the Board of Trade what is the present outstanding hire-purchase debt; and what has been the value of hire-purchase sales in each of the last three months.
§ Mr. Jay
Hire-purchase and other instalment credit debt due to finance houses and retailers (other than clothing and footwear shops and a few other kinds of business) was £1,307 million at the end of September, 1966. Instalment credit sales by retailers averaged £15 million, £13 million and £15 million weekly in July, August and September, respectively; new instalment credit extended by finance houses was £67 million, £37 million and £35 million in these calendar months.
§ Mr. Osborn
Does not the President of the Board of Trade feel that this is a remarkable down-turn? What will he now do to stimulate retail sales by encouraging hire-purchase payments?