§ 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?