Government Policy

Part of Orders of the Day — King's Speech – in the House of Commons at 12:00 am on 29th October 1947.

Alert me about debates like this

That is the cry of every tipster on every racecourse. The right hon. Gentleman proceeded to put forward an explanation of his negotiations over the American Loan which can only have confused those to whom it was addressed. The point is important, and I shall refer hon. Gentlemen opposite to what the Chancellor of the Exchequer said on that occasion. Having found the disaster into which convertibility led him, the Chancellor of the Exchequer endeavoured, in column 399 of HANSARD of that date, to convince the country that he had always been against convertibility. He said that he had warned the House in the Loan Debate on 12th December, 1945, about convertibility. The right hon. Gentleman gave certain quotations from HANSARD to support what he called his warning. I am bound to say that those statements were misleading. Whether they were intended to be or not it is not for me to say, but the right hon. Gentleman referred to convertibility and then went on to give the quotations which anyone can see in column 399. It is important to see what the right hon. Gentleman said on 12th December, 1945, in this connection. It is necessary to remember that the speech of the Chancellor of the Exchequer on that occasion dealt with three quite different but closely related matters.