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President Of The Board Of Trade (Speech)

Volume 656: debated on Tuesday 27 March 1962

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Q9.

asked the Prime Minister whether the speech delivered by the President of the Board of Trade in London on 22nd March at the meeting of the Worshipful Company of Tin Plate Workers, on the subject of the Government's intention to deal with the problem of tax-free speculative gains, represents the policy of Her Majesty's Government.

My right hon. Friend the President of the Board of Trade made no new statement of Government policy. He was referring to what my right hon. and learned Friend the Chancellor of the Exchequer told the House on 25th July last year.

Did not the President of the Board of Trade reply to the Chairman of the London Stock Exchange and indicate that the Government were determined to go ahead with taxing tax-free speculative gains? Can the Prime Minister assure us that the Government will be prepared to go ahead with that policy in spite of opposition from the Stock Exchange and the bankers?

No, Sir. I do not think that I can anticipate my right hon. and learned Friend's Budget.