§ 18. Sir G. Nabarroasked the Minister of Posts and Telecimmunications what estimate he has now made for Giro losses for the year to 30th June, 1971, or latest convenient date ; and when he will lay the accounts before the House.
§ Mr. ChatawayI must ask my hon. Friend to await the completion of the review, which is still in progress.
§ Sir G. NabarroYes, but these losses are continuing and are estimated at £7 million this year. Why should a Conservative Government put up with a Socialist excrescence indefinitely? Why cannot the Giro system be wound up forthwith, and the money saved applied to capital expenditure by the Post Office Corporation in providing thousands of new telephone connections urgently awaited all over the country?
§ Mr. ChatawayI take note of my hon. Friend's view, but, as I say, I think a decision must await the outcome of this review.
§ Sir G. NabarroSell it to the banks.
§ Mr. HefferWould the right hon. Gentleman look at the position of the Giro as a sort of commercial concern, to which, unfortunately, the brakes were applied from the beginning, and would he not agree that the brakes should be taken off, and that if they were, the system would be more in a competitive position, and that it would then be seen to be a howling success as the system is in other countries?
§ Mr. ChatawayIt is exactly to such a question that my inquiries are directed.
§ Dr. VaughanI wonder whether my right hon. Friend would also consider whether the Giro is justified in running, as it does at the moment, for some 4,000 civil servants, a below-cost service? Indeed, I understand that it is considering extending this service to employees of the nationalised industries and also of local authorities.
§ Mr. ChatawayI hope my hon. Friend will be prepared to await the outcome of the review. I will certainly take note of his view.
§ Sir G. NabarroSell it to the banks.