BANK RATE. (Hansard, 2 November 1939)

HC Deb 02 November 1939 vol 352 c2107 2107

§ 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.