Interest-Free Loans.

Oral Answers to Questions — National Finance. – in the House of Commons on 30th June 1942.

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Photo of Mr Richard Stokes Mr Richard Stokes , Ipswich

asked the Chancellor of the Exchequer what steps he proposes to take to encourage the public to lend their savings free of interest to the Government; and what amount he proposes to allocate for expenditure in advertising for this purpose?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I would refer my hon. Friend to the reply which I gave to him on 24th February last.

Photo of Mr Richard Stokes Mr Richard Stokes , Ipswich

But that reply was entirely unsatisfactory. Would not the right hon. Gentleman, in view of the fact that £45,000,000 has been subscribed interest-free and which would cost the Government £1,000,000 at 2½ per cent., spend half that sum to encourage people to lend money free of interest? If so, it would still be a great deal less than he spends now.

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I have already given the hon. Gentleman a full explanation.

Photo of Mr William Thorne Mr William Thorne , West Ham Plaistow

Will my hon. Friend the member for Ipswich (Mr. Stokes) set a good example?

Mr. De la Bère:

Is he properly qualified?