Orders of the Day — Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 16 April 1964.

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Photo of Mr James Callaghan Mr James Callaghan Shadow Chancellor of the Exchequer, Member, Labour Party National Executive Committee 12:00, 16 April 1964

If the two markets are merged, it clearly means—although the total call on our resources is no greater—that we shall have less direct investment which could be profitable and more purchases of overseas villas. The purchase of overseas villas is not likely to yield additional income to this country.