BANK OF ENGLAND.

HC Deb 15 October 1940 vol 365 cc603-4

66. Mr. Woodburn

asked the Chancellor of the Exchequer what were the total sums to which the Bank of England became entitled in respect of interest and other services for the financial years of 1938–39 and 1939–40, respectively?

Sir K. Wood

The payment to the Bank for the management of the debt, which, of course, is a very large and detailed operation, is in the region of £1,000,000 per annum. I will communicate the exact figure to the hon. Member later. The interest on the original Government debt of £11,000,000 is paid to the Issue Department, the profits of which accrue to the Treasury.

Mr. Woodburn

What other moneys are paid to the Bank of England in the form of interest?

Sir K. Wood

Perhaps my hon. Friend will put that Question down. I have had some difficulty in present circumstances in furnishing the reply to this Question.