HC Deb 12 June 1940 vol 361 cc1255-6
25. Mr. Glenvil Hall

asked the Chancellor of the Exchequer what steps he proposes to take to ensure that the Bank of England shall in future publish a balance sheet similar in form to that obligatory on the joint stock banks, now that he has made it clear that this bank will be subject to the 100 per cent. Excess Profits Tax?

The Financial Secretary to the Treasury (Captain Crookshank)

My right hon. Friend sees no reason for taking any steps on the lines suggested in the Question. The statutory form of the balance sheet published weekly by the Bank of England is essentially similar to that of the half-yearly balance sheets which the joint stock banks are required to publish.

Mr. Stokes

Is not the right hon. and gallant Gentleman aware that the Bank of England are entitled to assess their own profits and are not subject to the Inland Revenue authorities, as private individuals and joint stock companies are?

Captain Crookshank

That is an entirely different Question, which, incidentally, the hon. Gentleman has on the Paper for to-morrow.

Mr. Stokes

Will you answer it to-morrow?

Mr. Glenvil Hall

If, as the right hon. and gallant Gentleman states, the Bank of England does publish a balance sheet comparable to that of the joint stock banks—which many doubt—why should the Treasury refuse to make them publish it in the way that other banks have to do, yearly or half-yearly?

Captain Crookshank

They are doing it weekly; and the facts are as stated in my reply.