§ 62. Mr. Radford
asked the Chancellor of the Exchequer whether, in view of the continuing increase in the volume of Bank of England notes in circulation and of the fact that the use thereof is capable of being made a means of evading taxation, he will take the necessary steps to make it compulsory that all payments above a stipulated amount shall be made by means of crossed cheques drawn on the personal bank account of the payer?
§ Sir K. Wood
I would refer my hon. Friend to the reply which I gave on 15th October last to a somewhat similar Question by my hon. Friend the Member for West Salford (Mr. Emery).
§ Mr. Radford
Apart from the question of the evasion of tax, is it not a fact that the black market would not flourish as it does were it not for the big volume of Bank of England notes in circulation?
§ Sir Frank Sanderson
Is the Chancellor of the Exchequer aware that there is a certain type of merchant who goes round to firms throughout the country with his pockets bulging with notes and purchases goods for cash which he sells at a very enhanced profit, and that none of that profit finds its way to the Exchequer?
§ Mr. Radford
Is my right hon. Friend aware that endless transactions are not going through the books of individuals and that neither Excess Profits Tax, Purchase Tax nor Income Tax is being borne by them?