§ 35. Dame Irene Wardasked the Chancellor of the Exchequer what has been the total saving to the Treasury resulting from the reduction in interest of 5 per cent. to 3½ per cent. on War Loan.
§ Mr. BarberI am unable to give an answer to this hypothetical question, since the amount would vary according to how and when 5 per cent. War Loan 1929–47 would have been redeemed or converted if it had not been converted in 1932. The benefit of any saving would, of course, have accrued to the taxpayer rather than to the Treasury.