Orders of the Day — Electricity [Money]

Part of the debate – in the House of Commons at 12:00 am on 4th February 1947.

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Photo of Mr Cyril Osborne Mr Cyril Osborne , Louth Borough 12:00 am, 4th February 1947

I am much obliged to you, Major Milner, for correcting me, and now may I take up the other point? [An HON. MEMBER: "Yes, try another point."] I will and I will keep on trying until hon. Members opposite are tired. I object to the larger sum, and I support the smaller sum on these grounds—that one day that money will have to be raised in the ordinary way in the money market. Already the City of London is choked with nationalisation stock, and in two or three years' time, when nationalisation has failed, nobody will want to hold such stock. I can see under those conditions the 2½per cent. long-dated stock being down to 70 to the ruin of the banks and trade unions which hold them. The Chancellor of the Exchequer said the other night at Newcastle that he had sufficient power to ward off any financial crisis. The more we give the Government the right to borrow, the higher and higher is the amount of money going to be and the greater the burden on his shoulders, which, in turn, will increase the magnitude of his task. One day I fear that these stocks which are being created for nationalisation compensation and other purposes will be almost unsaleable. Therefore, I think that the Committee would be wiser to insist on the smaller figure than on the larger one.