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National Finance

Volume 645: debated on Tuesday 25 July 1961

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Federation Of Rhodesia And Nyasaland (Financial Aid)


asked the Chancellor of the Exchequer if he will make a statement on his official discussions with Sir Donald Macintyre, Minister of Finance of the Federation of Rhodesia and Nyasaland, regarding financial aid by Her Majesty's Government to the Federation.

As announced in the official statement on 13th July, the United Kingdom Government have offered a loan of £5 million to the Federal Government for the purchase of United Kingdom goods and services. The loan is to provide funds towards the development programmes of the Federal and South Rhodesian Governments over the next two years.

May I ask the hon. Gentleman whether, even at this late hour, he will whisper into the Chancellor's ear that we hope that his statement this afternoon will not mean any restriction on aid to under-developed countries?

Does the hon. Gentleman think it fair shares to give a loan of £5 million to the Federation for two years and to restrict Tanganyika, with its much greater poverty, to £3½ million for five years?

Protective Tariffs


asked the Chancellor of the Exchequer his estimate of the loss to the Revenue in this financial year of a 50 per cent. reduction, from 1st August, of all United Kingdom protective tariffs.

The estimated yield from the duties charged under the Import Duties Act, 1958, for the current financial year is £155 million of which £103 million is estimated to relate to the period from 1st August to the end of the financial year. The cost of halving all protective tariffs would depend on the extent to which imports increased as a result of such reductions.

Is the hon. Gentleman aware that if the Chancellor of the Exchequer announced such a cut this afternoon it might actually be worth the cheer which the right hon. and learned Gentleman was given earlier when he entered the Chamber?

Any questions on trade policy are, of course, for my right hon. Friend the President of the Board of Trade.