§ 38. Mr. Tim Rentonasked the Chancellor of the Duchy of Lancaster how many economists are directly responsible to him in his capacity as economic adviser to the Government.
§ The Chancellor of the Duchy of Lancaster (Mr. Harold Lever)I have only one professional economist on my staff, but I receive a wide range of advice from other professional and amateur economists, much of it unsolicited and most of it conflicting.
§ Mr. RentonMay I congratulate the Chancellor on the slenderness of his household? Does he attribute the soundness of his own economic advice to the fact that he has so few economic advisers on his staff? From his broad vantage point, may I ask him to say what percentage of GNP he recommends to the Government should be absorbed by public expenditure in a mixed economy such as ours?
§ Mr. LeverI can tell the hon. Gentleman that, for better or for worse, I apply my own judgment to the advice I give. Unhappily, on more general questions of the kind he now addresses to me, I think that this advice had better come through what are known as the usual channels. The questions are not susceptible to a simpliste answer, even from a simpliste questioner.
§ Mr. AtkinsonDoes not my right hon. Friend recollect the days when people like myself used to sit at his feet, mes-merised by the sheer persuasion of his brilliant advocacy to the effect that Governments, particularly Socialist Governments, should never be obsessed by the business of trying to balance the books? Furthermore, does he not recollect those other persuasive arguments he used that Governments should never hesitate to borrow money even in excess of their income if the borrowing was for the purpose of investment and for the purpose of stimulating the economy towards full employment?
§ Mr. LeverI am grateful that my hon. Friend's recollection of comments I have made in the past appears at any rate to meet with his approval. I do not have the same recollection that he has about the posture he adopted to receive that advice. I cannot cover in a supplementary answer to a supplementary question all the points raised by my hon. Friend. I assure him that in my fundamental view, although I cannot say that he has comprehensively elucidated that view this afternoon, I remain of the same opinion as I always was. I still, at any rate, am of the opinion that all obsessions, whether of the Government or of their critics, are usually ill advised.