§ 2. Mr. G. Campbellasked the Chancellor of the Exchequer why he rejected the recommendation of the Consumer Council on units of decimal currency on the grounds that the proposed smallest unit would be too small for future use.
§ The Chancellor of the Exchequer (Mr. James Callaghan)The Government rejected the 10s.-cent system, not for the reason the hon. Member suggests, but because they agree with the majority of the Halsbury Committee that the £-cent-½ system has greater advantages. The value of the smallest coinage units is the same in both systems.
§ Mr. CampbellDoes the Chancellor of the Exchequer realise that it was reported in the Press at the time that he has rejected this recommendation for the reason given in the Question? Will he make his present view absolutely clear?
§ Mr. CallaghanI am obliged to the hon. Gentleman. In fact, I have written to the Consumer Council, which originally raised this matter with me, telling the Council what I have now repeated in this Answer.