HC Deb 20 August 1940 vol 364 c1121
50. Mr. Granville

asked the Chancellor of the Exchequer the increased number of full-time Governors appointed to the Court of the Bank of England, involving the payment of an additional sum of £30,000 per annum?

52. Mr. Stokes

asked the Chancellor of the Exchequer how many new whole-time directors have been appointed to the Bank of England; on what account did their appointment become necessary; and of what number did the original whole-time directorate of the Bank consist, seeing that it was necessary to pay an increased fee of £30,000 per annum to the whole-time directors?

Sir K. Wood

The number of whole-time directors of the Bank of England his varied from time to time. In addition to the Governor and Deputy-Governor, there are now, I understand, five directors at the Bank of England giving their exclusive service, of whom two have been appointed since the outbreak of war. The recent addition in the number of whole-time directors was made necessary by the increased amount of work which has to be undertaken as a result of the war. The sum in question was authorised by the proprietors in order to raise the limit of the amount available, as far as may be necessary, for the payment of salaries and pensions to such directors as are giving whole-time service.

Mr. Granville

Does the right hon. Gentleman regard these payments as being consistent with the appeal to the country for economy and equality of sacrifice?

Sir K. Wood

Of course, this is a matter which concerns the proprietors; I am interested only so far as taxation is concerned.

Mr. Stokes

As the answer appears to mean that each of the directors is receiving several thousands a year extra, will the right hon. Gentleman tell me, if I put a Question down, what is the remuneration of each of the directors?

Sir K. Wood

That is a matter for the stockholders; I am concerned with taxation.

Mr. Thorne

Is the Chancellor aware that if he continues to back up these directors, he will get the sack?