HC Deb 17 October 1940 vol 365 cc819-20
51. Mr. De la Bère

asked the Minister of Agriculture whether he can now make some statement regarding the reduction of the rate of interest from 5 per cent. to 3 per cent. by the joint stock banks to the agricultural producers throughout the country?

Mr. Hudson

I have nothing to add to what was said to my hon. Friend on 18th July when he raised this matter on the Adjournment.

Mr. De la Bère

Is my right hon. Friend aware that this is a 3 per cent., and not a 5 per cent., war and that National War Bonds are on a 3 per cent. basis? Why should the banks continue to charge 5 per cent. since there has been a 2 per cent. Bank rate for several years, and over and over again this matter has been raised on the Floor of the House? Why is it that nothing has been done?

Mr. Hudson

It is not a 3 per cent. or a 5 per cent. war; it is a total war.

Mr. De la Bère

In view of the national scandal, I shall raise this matter again at the earliest opportunity.

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