§ 24. Mr. BATEYasked the Chancellor of the Exchequer if he is aware that deflation in 1921, and the recent return to the gold standard, is ascribed as the cause of so much unemployment in this country; and whether, in the interest of trade and industry, he can see his way clear to a reasonable inflation of money?
Mr. GUINNESSI do not know what the hon. Member means by "a reasonable inflation of money." I do not think that it is in the interest of this country to impose by inflation the most unjust of all forms of taxation. I am glad however to be able to state that the directors of the Bank of England have felt justified in lowering bank rate to 4½ per cent.