§ 52. Mr. Stokesasked the Chancellor of the Exchequer what control he has over the fixing of the Bank Rate; and whether he will indicate the procedure adopted by the Treasury when consulting the court of the Bank of England on the subject of fixing the Bank Rate?
§ Sir J. SimonI would refer the hon. Member to the reply I gave him on 7th November. I am, of course, in constant communication with the Bank of England, and especially so in war time. The methods of communication are mainly informal and such as are most convenient from time to time.
§ Mr. StokesWill the Chancellor say whether in fact the effective control of the Bank Rate is not in the hands of the Treasury Committee of the Bank of England, and is he prepared to name the people who form that Committee?
§ Sir J. SimonNo, I do not think I should be prepared to give the names. The procedure is very well understood.
§ Mr. StokesIs there any reason why the House should not have the names of the people who form that Committee?
§ Mr. StephenWhat is there to hide?