Banking and Insurance Committee.

Oral Answers to Questions — National Finance. – in the House of Commons on 7th July 1942.

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Photo of Mr Daniel Frankel Mr Daniel Frankel , Stepney Mile End

asked the Chancellor of the Exchequer why the committee appointed to conduct an independent investigation into the banking and insurance industry and not representative of the interests directly affected includes amongst its 10 members a director of the Equity and Law Life Assurance Society, a director of the Legal and General Assurance Society, a director of the Fine Art and General Assurance Company and a former secretary of the Prudential Assurance Company; and whether, in view of this fact, he will reconsider his decision not to appoint a representative of those employed in the industry?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

It was essential to find men of wide business experience, and I see no reason to alter the composition of the committee. None of those who have undertaken this urgent work can be justly described as representing the interests of the institution directly affected simply on the grounds that among their many preoccupations they happen to have the connections to which my hon. Friend refers,

Photo of Mr Daniel Frankel Mr Daniel Frankel , Stepney Mile End

Does the Chancellor think that the answer he has given to-day is consistent with his previous reply to a similar Question; that the committee would examine the banking and insurance industry, and that consideration was given as to whether it was desirable or otherwise to make it independent of the interests concerned? In view of the names I have mentioned, and the position these people hold, does he still think it possible for the committee to be inde- pendent? Does he not consider it is desirable to have employees represented?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

This matter has been carefully considered by my right hon. Friend the Minister of Labour and myself, and we think that on the whole it is the best and most practical committee.

Photo of Mr Daniel Frankel Mr Daniel Frankel , Stepney Mile End

Does the Chancellor think it fair to try and cloud this issue by bringing the Minister of Labour into it?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I stated, when I announced the appointment of the committee, that the matter had been considered in conjunction with the Minister of Labour.

Photo of Mr Daniel Frankel Mr Daniel Frankel , Stepney Mile End

In view of the unsatisfactory nature of the reply, I beg to give notice that I shall raise the matter again on the Adjournment.