Decimal Currency (Machine Conversions)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18th July 1967.

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Photo of Mr Edward Leadbitter Mr Edward Leadbitter , Hartlepools, The 12:00 am, 18th July 1967

asked the Chancellor of the Exchequer on what criteria the payment of compensation will be made in special circumstances with respect to expenditure or losses incurred arising from machine conversions following the change to decimal currency.

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

It will be for the Decimal Currency Board to consider representations about special circumstances. The Government will decide what, if any, compensation to pay in the light of such recommendations as the Board may make.

Photo of Mr Edward Leadbitter Mr Edward Leadbitter , Hartlepools, The

Does my hon. and learned Friend agree that it has been calculated on the basis of the conversion of machines, in particular, that there will be an expenditure in terms of replacement or conversion of something like £80 million? Since the Labour Government will be in office in 1970, could we now have some understanding with the traders involved about some pertinent criteria in which compensation can be paid—[HON. MEMBERS: "Too long."]—because the present conditions—

Photo of Dr Horace King Dr Horace King , Southampton, Itchen

Order. Even the Hartlepools must be brief.

Photo of Mr Edward Leadbitter Mr Edward Leadbitter , Hartlepools, The

—because the present conditions are causing concern?

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

I would remind my hon. Friend that there are no present conditions other than that we do not intend to have a general scheme for compensation. Anyone who considers that he has a special claim for compensation is entitled and is asked to make out his case to the Decimal Currency Board.