54. Mr. De la Bèreasked the Chancellor of the Exchequer, whether, in connection with the issue of Treasury deposit receipts, he will reduce the rate of interest payable to the banks from now onwards?
§ Sir K. WoodI would refer my hon. Friend to the answer which I gave him on this subject on 7th November.
Mr. De la BèreWill my right lion. Friend bear in mind when the opportunity of funding these Treasury receipts occurs, that the interest has been unduly generous throughout the whole time they have been running?
55. Mr. De la Bèreasked the Chancellor of the Exchequer whether he will consider fixing a limit of £500,000,000 to the amount of Treasury deposit receipts that are permitted to be outstanding at any one time from now onwards?
§ Sir K. WoodNo, Sir.
§ Sir K. WoodI could not possibly say in advance how far we may wish to borrow direct from the banks, as distinct from borrowing by Treasury Bills, or by Ways and Means advances.
§ Mr. ShinwellIf the right hon. Gentleman does not propose to place a limit on the amount of Treasury deposits and will not agree to any reduction on the interest, is he not piling up the burden for the community after the war?
§ Sir K. WoodI think that on the whole it is a reasonable arrangement in the interest of the community.