§ 26. Mr. Biffenasked the Chancellor of the Exchequer what proposals he has to extend credit restrictions or to use the Purchase Tax and Excise Duty regulator.
§ Mr. DiamondSince putting down this Question, the hon. Gentleman will have heard the statement made by my right hon. Friend the President of the Board of Trade on 1st November.—[Vol. 772, c. 345–54.]
§ Mr. BiffenIs the right hon. Gentleman aware that one needs only the slightest cursory acquaintance with the responsible financial Press to realise that there is still widespread expectation of further impositions to come? Is he also aware that the failure of the Chancellor of the Exchequer to act promptly and decisively in controlling the level of consumer demand invites unfavourable comparison even with his immediate predecessor?
§ Mr. DiamondNo, I am not aware of that.
§ Mr. BarnettWould my right hon. Friend say whether the current bank lending ceiling has been exceeded and, if so, 1105 by how much? If he knows of any evasion of the ceiling since it was last laid down by the Chancellor of the Exchequer, would he say why he feels that it has had very little effect on keeping down consumer expenditure?
§ Mr. DiamondI am not aware of any exceeding of the ceiling, but if my hon. Friend wants the precise figures perhaps he will table a Question.
§ Mr. Iain MacleodIs the right hon. Gentleman aware that in exactly the same way as before with the hire-purchase restrictions announcement, the whole of the Press is filled with stories which in the previous case turned out to be true? May I therefore ask the Basset-law question: would he answer "Yes" or "No", is an economic freeze on the way?
§ Mr. DiamondI am anxious to help the right hon. Gentleman in any way that he considers I can responsibly do so. If he would care to phrase his question differently, I should be only too glad to give him an answer.