Capital Levy

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 20th January 1948.

Alert me about debates like this

Photo of Mr Frederick Erroll Mr Frederick Erroll , Altrincham and Sale 12:00 am, 20th January 1948

asked the Chancellor of the Exchequer if he will give an assurance that the Government have no intention of introducing a capital levy.

Lieut.-Commander Clark Hutchison:

asked the Chancellor of the Exchequer whether he is aware that the recent advocacy of a capital levy by supporters of the Government, with its consequent discouragement of thrift, is likely to have an adverse effect on the National Savings Campaign; and if he will make it clear that the Government have no intention of taking confiscatory action of this nature.

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

The hon. Member cannot expect me to deal in advance with matters of budgetary policy.

Photo of Hon. Oliver Stanley Hon. Oliver Stanley , Bristol West

Does the right hon. and learned Gentleman realise, in this particular instance, how impossible these rumours are going to make the task of those of us who are asked and who wish to support the National Savings Movement?

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

I am very sorry, but that does not make it any more possible to forecast budgetary policy.

Photo of Major Donald Bruce Major Donald Bruce , Portsmouth North

Is it not a fact that, in the opinion of the Parliamentary Committee which sat upon this subject, the introduction of a single levy would have no possible effect whatever on National Savings?

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

I am quite aware of that.

Photo of Lieut-Commander Joseph Braithwaite Lieut-Commander Joseph Braithwaite , Holderness

Pending the introduction of the Budget, can the Chancellor assure the House that the rumours on this subject have no greater foundation than the utterances of the Parliamentary Secretary to the Treasury during the last week?

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

No greater foundation, in fact, than any other rumours.