asked the Chancellor of the Exchequer what sum of money is held by his Department as post-war credits; what are the present rules for the repayment of these credits in general or in particular classes; and what is the amount of the repayment in each of the last three years.

The total Post-war Credit originally created amounted to £800 million of which £58 million was repaid in 1946–47, £56 million in 1947–48 and £19 million in 1948–49, leaving a balance of £667 million outstanding at the commencement of the current year. It is estimated that a further £18 million will be repaid this year. The existing law provides for payment only to men over the age of 65 and women over the age of 60.

In view of the substantial drop in the repayments in the last two years, will the Chancellor consider easing the many hard cases about which Members on both sides are constantly hearing?

No, Sir, we cannot afford to distribute any more purchasing power.