HC Deb 08 July 1924 vol 175 cc1963-4
56. Mr. E. SIMON

asked the Chancellor of the Exchequer whether the statement of the Prime Minister in the House of Commons on 4th July, 1923, that the right policy of this country at the present moment is to do all in our power to keep prices steady and on a level, is accepted as the policy of the present Government?

Mr. SNOWDEN

I am not able, to add to the statements already made with regard to the views of the Government. The hon. Member will recognise that the very complicated issues involved cannot be adequately dealt with by question and answer.

Mr. JOHNSTON

Is the right hon. Gentleman aware that proposals are being seriously heard in influential quarters in the City of London for a raising of the bank rate; and is he aware that such a rise in the bank rate would inevitably cause a fall in prices and an increase in the amount of unemployment in this country?

Mr. SNOWDEN

I am quite aware that there has been some talk recently about the possibility of an increase in the bank rate, but as to the consequences of an increase in the bank rate that is a matter on which opposite opinions are expressed.

Mr. MOSLEY

Will the right hon. Gentleman consider the setting up of a Committee analogous to that which is inquiring into the National Debt, for the purpose of inquiring into the relationship of monetary policy and unemployment?

Mr. SNOWDEN

The hon. Member cannot expect me to give an answer to a question like that now. May I remind those hon. Members who appear to be anxious to put supplementary questions on this matter that I have stated in reply to the original question that these complicated issues cannot be adequately dealt with by question and answer.

Mr. PRINGLE

Will the right hon. Gentleman see whether he can arrange for an opportunity to discuss this matter either on the Third Reading of the Finance Bill or on the Appropriation Bill?

Mr. SNOWDEN

It is not for me to arrange an opportunity. There are plenty of opportunities for raising this question, and the hon. Member is perfectly familiar with them.