HC Deb 25 May 1943 vol 389 cc1399-400
31. Mr. Stokes

asked the Chancellor of the Exchequer whether he is aware that £1,500,000,000 new money has been created by the banks since the commencement of the war until the late autumn of 1942; and whether he is in a position to state what it costs to create this money?

The Chancellor of the Exchequer (Sir Kingsley Wood)

I do not agree with the implication in the first part of the Question, nor do I follow the figure there given. I can only refer my hon. Friend to the answer I gave him on 11th May, to which I do not think I can usefully add.

Mr. Stokes

Arising out of that most unsatisfactory reply, may I ask my right hon. Friend whether he is aware that the figure given in the Question has been computed by a well-known authority on this subject, and if I put another Question down to my right hon. Friend, will he state specifically what he considers the amount of newly-created money to be?

Sir K. Wood

No, Sir. As I guessed it, the figure had come from Stokes's Encyclopedia of Phrase and Fable. [Laughter.]

Mr. Stokes

This is not a laughing matter. Has my right hon. Friend taken the trouble to assess for himself the amount of newly-created bank money since the war started? Does he not think it is one of his duties as Chancellor of the Exchequer to do so?

Sir K. Wood

I have given my hon. Friend an answer.

Mr. Stokes

But that answer was totally unsatisfactory.

Forward to