BANK OF ENGLAND.

HC Deb 01 February 1934 vol 285 c543

60. Mr. SUMMERSBY

asked the Chancellor of the Exchequer whether, in view of the importance of money as a commodity and the substantial dependence of British trade upon the monetary policy of the country, he will consider taking steps to impose a measure of Government control upon the operations of the Bank of England?

Mr. CHAMBERLAIN

No, Sir. The Government have no such intention. In practice there is consultation as necessary between the Bank of England and the Treasury.

Mr. SUMMERSBY

Does the right hon. Gentleman realise that the rise or fall of British exports depends very largely on the value of the £?

Mr. CHAMBERLAIN

I do not see what relevance that has to the question.

Mr. D. GRENFELL

What is the monetary policy of this country?