§ Q5. Mr. Blakerasked the Prime Minister whether his Government have any plans to introduce legislation to nationalise the banks and insurance companies.
§ The Prime MinisterNo, Sir.
§ Mr. BlakerIn view of the divided views in the Cabinet on this subject, will this be another matter on which the doctrine of collective Cabinet responsibility is likely to be suspended? Is the Prime Minister aware that he is the first Prime Minister since Ramsay MacDonald to have suspended that doctrine? In the meantime, are we to expect the right hon. Gentleman to go on building on that reputation?
§ The Prime MinisterI do not intend to put to the Cabinet any proposal to nationalise the banks and insurance companies. Therefore, this matter hardly arises.
§ Mr. Hugh JenkinsIs my right hon. Friend aware that in earlier years I worked for many years for an insurance company and at one time was a research officer for the National Union of Bank Employees and editor of the Bank Officer? Is he also aware that on close acquaintanceship with both industries I became convinced that both were very good candidates for nationalisation?
§ The Prime MinisterThese confessions of my hon. Friend's youthful indiscretions——
§ Mr. Hugh JenkinsBoastful.
§ The Prime MinisterIf my hon. Friend is boasting of his indiscretions, who am I to deny him that pleasure? Certainly there is a lot that needs to be reviewed in the matter of banks and insurance companies. [HON. MEMBERS: "Why?"] Because no instrument in this world, under heaven, is entirely perfect. That is why the committee under the chairmanship of my right hon. Friend the Member for Huyton (Sir H. Wilson) is now reviewing these issues, and we wait the report with great interest.
§ Mr. DykesDoes the Prime Minister agree that to say that a lot of things should be looked into will cause upset and unrest? Does he feel that it is right to hide behind the committee's report? Should he not spell out what he means if he is going to come out with bold but unjustified statements along those lines?
§ The Prime MinisterUpset and unrest were caused when it was thought possible that there was to be a General Election that the Conservative Party might win. A tremendous amount was struck off securities then. I am sure that my words will not have that effect.