HC Deb 02 November 1939 vol 352 c2107
80. Mr. A. Edwards

asked the Chancellor of the Exchequer what considerations have led to the decision to reduce the bank rate to 2 per cent.?

Sir J. Simon

The recovery of markets from the dislocation caused by the outbreak of war and the obviously better adjustment of our financial system to the new conditions.

Mr. Craven-Ellis

Was there any justification at all for increasing the bank rate on 24th August, and has not this action cost the taxpayers over £3,000,000?

Sir J. Simon

If the hon. Gentleman will refer to the Debate in which that was discussed, he will find that I gave a full explanation.

Mr. Craven-Ellis

It was a very unsatisfactory explanation.

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