§ 51 and 52. Sir C. Osborneasked the Chancellor of the Exchequer whether he of the fact that since the old consols interest rate was reduced from 3 per cent. to 2½ per cent., it has now become worth less than 30 per cent. of its original value and the internal purchasing power of the £ sterling has subsequently fallen to one-third, thereby depriving the original holder of nine-tenths of the real value of his savings, what action he now proposes to take to ameliorate the position of those who have invested in these funds;
(2) in view of the fact that the £2,000 million War Loan, originally worth over 100 per cent., is now worth less than 42 per cent., and that the £ sterling is now only worth 6s. 8d. of its 1945–51 value, and £100 War Stock is worth only £13 in real value, what new steps he proposes to take to prevent this loan from becoming further reduced in value.
250W
§ 55. Mr. Currieasked the Chancellor of the Exchequer whether he will now consider the repayment of 3½ per cent. War Loan to holders of this stock; and whether he will agree to the repayment being made at the full face value of the stock.
§ Mr. Harold LeverI refer the hon. Members to the Answers which my hon. Friend the Minister of State gave to the hon. Member for Louth (Sir C. Osborne) on 21st November, 1968, and which my right hon. Friend the Chief Secretary gave to the hon. Member for Hertfordshire, East (Sir D. Walker-Smith) on 28th January.—[Vol 775, c. 316; Vol. 781, c. 275.]