HC Deb 12 December 1922 vol 159 c2606W
Mr. WHEATLEY

asked the Chancellor of the Exchequer whether, in view of the fact that the issue of the capital for the Government's unemployment schemes on roads, railways, etc., must result in a general rise in prices of consumable goods, and therefore be a direct charge on the public, he will consider the finding of this capital by notes issued direct from the Treasury, and so save an increase in the National Debt and a resulting increase of taxation for interest?

Mr. BALDWIN

I do not agree with the hon. Member's premise. Loans raised under the Trade Facilities Act or by railway companies do not increase the National Debt and, in so far as they are met out of capital seeking investment, no more increase prices than any ordinary private issue in the market. On the other hand, to issue Treasury notes for the purpose would directly increase prices by depreciating the currency.