§ 54. Mr. MORLEYasked the Chancellor of the Exchequer if he is prepared to take steps to substitute for the policy of deflation pursued over recent years a policy of moderate and controlled inflation?
§ Mr. P. SNOWDENIt is not possible within the limits of a Parliamentary answer to deal with the implications raised by this question, the answer to which is in the negative.
§ Mr. MORLEYHas the attention of my right hon. Friend been drawn to a statement made recently in the public Press, to the effect that the Bank of 1911 England is contemplating a change in its monetary policy? If so, has there been any consultation between the Bank and the Treasury on that matter? If such consultations have taken place, can the right hon. Gentleman state the result?
§ Mr. SNOWDENThat does not arise out of the question, and I am not aware of any such Press statements as those to which my hon. Friend refers.
§ Mr. W. J. BROWNIs the right hon. Gentleman not aware that those statements appeared in Labour's own organ?
§ Sir K. WOODPerhaps he does not read it.