Temporary Import Charge

Part of the debate – in the House of Commons at 12:00 am on 29 November 1965.

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Photo of Mr Joel Barnett Mr Joel Barnett , Heywood and Royton 12:00, 29 November 1965

Thank you, Mr. Deputy Speaker. I was about to say that in the context of the import surcharge, taking the comparison of companies borrowing money to balance their payments, it is important that if we, as a nation, are borrowing money it should be adequately covered both as to assets and as to yield. Of course it is equally important that money so borrowed should be put to good use. It is crazy to borrow to invest abroard on an inadequate return, as the previous Government had been doing and as apparently hon. and right hon. Members opposite are prepared to continue to do. But because they have been wrong in the past, there is no reason that we should now go too far the other way and assume that all borrowing is bad.