Capital Issues Committee

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 8th December 1953.

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Photo of Sir Waldron Smithers Sir Waldron Smithers , Orpington 12:00 am, 8th December 1953

asked the Chancellor of the Exchequer why he has decided to preserve the Capital Issues Committee as a permanent feature of our financial structure.

Photo of Mr R.A. Butler Mr R.A. Butler , Saffron Walden

The reasons were given by the Economic Secretary to my hon. Friend the Member for Tonbridge (Mr. G. Williams) on 19th November.

Photo of Sir Waldron Smithers Sir Waldron Smithers , Orpington

Does that answer mean that the Chancellor of the Exchequer no longer credits the businessmen of our country with sufficient sagacity to decide for themselves how their capital should be invested? Does he not realise that the sooner the Government get out of business the better for the country as a whole?

Photo of Mr R.A. Butler Mr R.A. Butler , Saffron Walden

The sagacity of the English businessman is not in question, but the sagacity of the Chancellor of the Exchequer, as advised by this Committee is, I think, a valuable feature both of our Constitution and our practice.