MONEY FOR DEFENCE OF BRITAIN
PART OF COST TO BE BORNE
BY REVENUE
(BRITISH OFFICIAL WIRELESS.) RUGBY, March 2. During the debate in the House of Commons on the committee stage of the Defence Loans Bill the Chancellor of the Exchequer (Mr Neville Chamberlain), replying to criticisms by Mr F. W. Pethwick-Lawrence (Labour, Edinburgh), explained that the limit of £400,000,000 which was set on the borrowing powers under the bill represented the amount which could be raised in cash and not the nominal amount of the loans. He had not suggested it would be proper to borrow the whole of the non-recurrent expenditure, but whatever part of that expenditure would have to be paid out of revenue must be decided from time to time in the light of other considerations. Replying to a question, he said that there would be no resort to the practice adopted during the Great War of floating loans by bank credit. He said that there need be no anxiety on that point.
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Press, Volume LXXIII, Issue 22032, 4 March 1937, Page 11
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167MONEY FOR DEFENCE OF BRITAIN Press, Volume LXXIII, Issue 22032, 4 March 1937, Page 11
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