Oral Answers to Questions — Chief Secretary to the Treasury (Speech)

– in the House of Commons at 12:00 am on 27 March 1962.

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Photo of Mr Emrys Hughes Mr Emrys Hughes , South Ayrshire 12:00, 27 March 1962

asked the Prime Minister if the speech in London of the Chief Secretary to the Treasury at the conference to promote wider share ownership, on 20th March, represents the policy of Her Majesty's Government.

Photo of Mr Harold Macmillan Mr Harold Macmillan , Bromley

My right hon. Friend the Chief Secretary to the Treasury's remarks at the opening of this conference were certainly in accordance with Government policy.

Photo of Mr Emrys Hughes Mr Emrys Hughes , South Ayrshire

Can the Prime Minister explain why this exposition of Government policy inspired such a vicious and indignant attack on the Government by the Chairman of the Stock Exchange and the assembled bankers?

Photo of Mr Harold Macmillan Mr Harold Macmillan , Bromley

I have known expositions of Government policy which have not always been acceptable in every quarter. I think that my right hon. Friend the President of the Board of Trade made a very good reply.

Photo of Mr William Warbey Mr William Warbey , Ashfield

If the Government are interested in promoting wider share ownership, why are they constantly selling off the public snares in British industry to private interests?

Photo of Mr Harold Macmillan Mr Harold Macmillan , Bromley

That seems to be exactly one of the methods by which public ownership becomes wider.