§ Mr. Deakinsasked the Chancellor of the Exchequer what consideration he has given to the inflationary effect of credit cards on the growth of consumer expenditure.
§ Mr. NottThe effect of credit cards on the economy is little different from that of consumer debt in general. In present conditions faster growth of consumption is not inflationary, and indeed a fast growing market is essential if manufacturers are to keep their prices down.
§ Mr. Deakinsasked the Chancellor of the Exchequer what proportion of consumer debt is accounted for by bank credit cards; and what estimate he has made of the growth of such proportion in the next decade.
§ Mr. NottSeparate figures for the amount of credit outstanding on bank credit cards are not available. Although this form of lending represents only a very small proportion of total consumer credit at present, it is no doubt likely to grow in importance in the next decade.