BRITAIN’S FINANCE

Greymouth Evening Star, 28 October 1944, Page 6

BRITAIN’S FINANCE

DISCUSSION IN LORDS LONDON, October 26. > A gloomy forecast of Britain s future financial position was given m the House oi Lords by Loid Teviot, sneaking to his morion calling aueution to war and post-war commitments Lord Teviot said that o-day Britain had a national debt of | £23 000,000,000 with a population oi 45,000,000, and the burden a head was now £5OOO. He added that by the end of the war the national debt mffiht be £30,000,000,000.. In 1943 Britain’s national • income was £8 000 000,000. Personal expenditure at ’ market prices was about v n 000 000,000. Public expenditure ar home’nd abroad was £5.000 000 000 Therefore we nad an annual deficit oi £2 000.000,000. “This sort of finance, he concluded, “must end. My fear is Chat the new Britain will be a bankrupt Britain.” Lord Southwood said the war would leave the country not poorer but richer, owing to the .increase in production capacity. Lord Mottistone said personal savings in Britain- now amounted to £5BO a household. Lord Strabolgi said that there were large unsatisfied trading demands m thcTMiddle East, while a. tremendous market in Europe was awaiting British goods. The Lord . Chancellor (Viscount Simon), replying for the Government, said he thought Lord Teviot had taken- a more gloomy view than the figures justified. If they took any reasonable estimate, he did not think they would reach a national debt 0f£30,000,000,000. He did not think it fair comment to say that the Government had rushed in blindfold or embraced plans of such a matter as social security without first examining the question. The most careful examination of the question had been made by the Government. Lord Teviot withdrew the motion. Lord Teviot is a director of Lloyds Bank'ancl the National Bank of Scotland. _______ ______