HL Deb 14 March 1968 vol 290 cc355-6

3.5 p.m.

LORD NAPIER AND ETTRICK

My Lords, I beg leave to ask the Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask Her Majesty's Government whether they will give an estimated figure of the total amount of revenue lost to date to the United Kingdom Treasury by way of taxation through the non-payment of interest to holders of Rhodesian Bonds since the illegal declaration of independence by Rhodesia.]

LORD BESWICK

My Lords, about £1½ million.

LORD NAPIER AND ETTRICK

My Lords, I thank the noble Lord for that reply, and I should like to ask this supplementary question. Would the noble Lord agree that by their action in freezing the sterling reserves of the Reserve Bank of Rhodesia it is Her Majesty's Government who have frustrated the normal mechanics of banking operations?

LORD BESWICK

My Lords, I would say that it was the action of the régime in Salisbury in illegally declaring independence and acting contrary to all constitutional law that has brought about this position.

LORD NAPIER AND ETTRICK

My Lords, would not the noble Lord agree that Her Majesty's Government, by their action, have made themselves either agents for, or quasi-trustees of, the Reserve Bank of Rhodesia? Can the Minister hold out any hope for the thousands of innocent, small British bond holders, who I can assure the noble Lord are suffering extreme hardship?

LORD BESWICK

My Lords, I quite agree with the noble Lord that there are innocent people who are suffering, both inside and outside Rhodesia, as a result of the action taken by the régime there.

LORD GRIMSTON OF WESTBURY

My Lords, was the figure that has been given in answer to my noble friend's Question taken into account in the figures which the noble Lord gave me some time ago of the losses which are accruing to Britain through the sanctions policy?

LORD BESWICK

My Lords, I am not quite clear about that. When a Question was asked in June, 1967, about this we did not know how many Rhodesian bond holders there were. If I gave the answer to the noble Lord prior to June, 1967, then the answer to him is that it did not include this figure.

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