NATIONAL LOANS BILL. (Hansard, 10 May 1944)

§ THE LORD CHANCELLOR (VISCOUNT SIMON)

My Lords, I beg to move that the National Loans Bill be now read a second time. This Bill, which, as your Lordships will see, is exceedingly brief, 672 is in exactly the same form as last year's Act, and it is required for a purpose which I think all your Lordships will understand. In peace-time the Treasury has certain limited powers of raising money and issuing stock and so forth, but in war-time it requires more extensive powers, which a e not necessarily used to the full extent but which provide for the year in which we are. The form which the Bill takes is to authorize the Treasury to borrow up to the amount of any Supply granted in the present year, with an extra amount of £250,000,000. Nothing approaching that amount, of course, is at all likely to be needed, but it is necessary to have the authority. The reason why the addition of £250,000,000 is made is that it might so happen that just at the end of the present fiscal year, say in the month of March next, it might be necessary to raise more money before there could be time to get the necessary authority voted in Supply. The Bill is of a purely formal character, essential to the financing of the war, and I think your Lordships will give it without any challenge a Second Reading. I beg to move that the Bill be now read a second time.