HC Deb 20 February 1940 vol 357 c1146
56. Mr. Pethick-Lawrence

asked the Chancellor of the Exchequer whether he proposes to seek additional powers for the purpose of controlling the rate of day-to-day money?

Sir J. Simon

No, Sir.

Mr. Pethick-Lawrence

Am I to understand from the Chancellor's answer that he has adequate powers, or that he has no powers and does not propose to take powers?

Sir J. Simon

The right hon. Gentleman has put Questions on that subject several times before. I would refer him to the answer which I gave on 12th December last. I have not changed my opinion since then, and I do not propose to introduce such legislation.

Mr. Pethick-Lawrence

Is the right hon. Gentleman satisfied that we should have to pay this additional rate on Treasury bills and is he not prepared to ask for any powers to help to keep down the rate on day-to-day money?

Sir J. Simon

I think that if we take all the influences which are at work, we arrive, on the whole, at a very fair result.

Mr. Wilmot

Is the right hon. Gentleman content with the figures which he gave me just now on the same subject—that £3,000,000 of extra money has been paid during the war, as compared with the same period last year, on Treasury bill borrowing?

Sir J. Simon

I think the hon. Member will see that in many matters—not only in this, but in other matters—war conditions are an operating consideration. The mere fact that we are borrowing more money by Treasury bills itself has an influence.