Expenditure Arising Out of the War.

Part of Supplementary Vote of Credit, 1941. – in the House of Commons on 16th December 1941.

Alert me about debates like this

Photo of Mr Pierse Loftus Mr Pierse Loftus , Lowestoft

I congratulate the Chancellor on the new proposals by which people will be enabled to buy securities wherewith later on to pay their taxes. I think it will be an immense convenience, and I look forward to studying the details with great interest. I do not know whether these securities will bear a very small rate of interest or will be issued at a discount. If either of these things was to happen, it would, of course, amount to giving a slight discount for payment of taxes in advance. I take it that the rate would vary from month to month as the time for paying the tax got nearer. We have listened in a remarkably thin House to some very interesting speeches, which I should like to comment upon. My hon. Friend the Member for Faversham (Sir A. Maitland) pointed out that examples of waste of Government money have a deterrent effect on the whole Savings Movement. I was reading in a local paper the other day about a rural district council which with great enthusiasm was working up a warship week, and several members pointed out really bad cases of Government extravagance in the near neighbourhood which might have a great effect on the willingness of people to subscribe as they hoped.

My hon. Friend the Member for East Birkenhead (Mr. Graham White), speaking for the Liberal party, said that if we are to avoid inflation he felt it would be necessary to have a wages and prices policy. I think that Members in all parts of the Committee who have thought over the problem of inflation are in general agreement that it is desirable if it can be done to have a policy which would more or less stabilise wages and prices. The difficulty has been to know how to do it. I have thought a great deal about it and that has been the difficulty which I have had to face. I am glad to say that the difficulty is solved for me by the example given to us by the Government of the Dominion of Canada. I do not know whether hon. Members know what has been done in Canada.