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Wartime Sterling Debts

Volume 446: debated on Tuesday 27 January 1948

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asked the Chancellor of the Exchequer why His Majesty's Government have abandoned their policy of ensuring that sterling debts incurred by this country in the prosecution of the war should be scaled down before settlements, so that the creditor country concerned should make a proper contribution to the Allied war effort.

His Majesty's Government have not changed their policy in this matter.

If that is so, can the right hon. and learned Gentleman say when he is going to implement the policy? Is he not aware that in the latest agreement no suggestion has been made whatever for the scaling down of these debts?

Will the right hon. and learned Gentleman say when the opportunity will arise?

The opportunity will arise when circumstances are such as to offer it.