HC Deb 24 November 1942 vol 385 c658
49. Mr. Stokes

asked the Chancellor of the Exchequer whether he is aware that the official rediscount rate of the Federal Reserve Bank of New York was recently reduced to one-half per cent.; and whether, in the light of this fact, he will cause the Bank of England to reconsider its decision to maintain its Bank Rate at 2 per cent.?

Sir K. Wood

I am aware of the change mentioned, but am not prepared to adopt my hon. Friend's suggestion.

Mr. Stokes

Arising out of that most unsatisfactory reply, will the right hon. Gentleman explain for what reason it is necessary to maintain the Bank Rate here at 2 per cent. when the Federal Reserve Bank of New York can reduce it to a half per cent.?