§ Sir J. Leechasked the Chancellor of the Exchequer whether he can give an assurance that if citizens obey the Government's request and reduce their personal expenditure voluntarily, thereby increasing their wealth, the saved capital shall not be subjected to any taxation on 1824W capital as recommended by the Keynes proposals?
§ Sir J. SimonThe basis of the appeal to citizens to reduce their personal expenditure is not that it will increase their wealth, though that is a very desirable thing, but that it is essential to enable the country to wage war successfully. As regards the subject of capital taxation I would refer my hon. Friend to the speech which I made on the subject on the Second Reading of the Finance Bill in October last.