HC Deb 09 June 1932 vol 266 cc2115-6

asked the Chancellor of the Exchequer whether, in view of the fact that banks are at the present time only allowing 1 per cent. interest on their deposits whilst charging 5½ to 6 per cent. to their borrowers, he will consider the advisability of appointing a council, on the same lines as the Food Council, to advise the Government as to what action it is necessary to take to protect the public?


As indicated in the answer given by my right hon. Friend the Financial Secretary to the hon. Member for Eccles (Mr. Potter) on the 23rd May, I should welcome any arrangement which would promote the widest possible extension of the benefits of cheap money, but I do not think that this question presents the facts accurately nor that the suggestion therein could be adopted.


Has my right hon. Friend any information as to whether or not, as a result of the answer of the Financial Secretary on the 23rd May, there has been some lightening of the burden of borrowed money on industry?


I have no information at this moment, but if my hon. Friend will put down a question I will give him an answer.