§ 49. Mr. Stokesasked 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. WoodI am aware of the change mentioned, but am not prepared to adopt my hon. Friend's suggestion.
§ Mr. StokesArising 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.?