Skip to main content

War Damage Payments

Volume 436: debated on Tuesday 15 April 1947

The text on this page has been created from Hansard archive content, it may contain typographical errors.

I am also anxious to make big inroads this year into the outstanding claims for war damage. Many of the victims of the German bombs have been waiting a long time for their money. And so, at the request of my right hon. and learned Friend the President of the Board of Trade, I am finding £60 million this year for war damage payments under the Business and Chattels Scheme. Further, following the Debate the other day, the House approved the payment, as soon as may be—I hope it will be substantially all within this year, administrative provisions permitting—of the war damage value payments. In addition, as the work is done, the war damage Cost of Works payments will, of course, continue to be met. The Value payments now stand at about £100 million, and they will cost us nearly £150 million when increased by the percentage additions to which the House agreed when this matter was discussed a few weeks ago. To this sum must be added a further £20 million interest on these Value payments as from the date of damage to the date of payment. The Cost of Works payments last year amounted to £94 million. This year they will run at about the same level, say, £100 million. Therefore, the Value payments and the Cost of Works payments as a whole, taken together, will cost some £270 million this financial year.

I appeal to all those who receive lump sums, whether for damage to business and chattels or as value payments, to save as much as they can during these next years. This will help savings and hinder inflation, and there will be better opportunities later on than now for spending much of this money to good purpose. I must apologise to the Committee if I have been going into too much detail, but I thought it was my duty to deploy the position fully.