HC Deb 15 February 1944 vol 397 c25
50. Mr. Craven-Ellis

asked the Chancellor of the Exchequer what is the total Budget deficit accumulated since the outbreak of war and to what extent this has been financed by the banks.

Mr. Assheton

The total Budget deficit from the beginning of the war to the 31st January, 1944, was £10,900 millions. My right hon. Friend regrets it is not possible to give a total figure for the various forms of Government securities taken up by the banks.

Mr. Craven Ellis

Can the right hon. Gentleman give an estimate, if not the actual figures, as to what volume of war finance is carried by the banking system?

Mr. Assheton

I can tell the hon. Member that the total amount outstanding and due to the banks on Treasury Deposit Receipts amounted to £1,380,000,000 on 31st January.

Mr. Stokes

If I put a question down, will the Minister tell me the amount of new money created by the banks since the war started?

Mr. Assheton

I do not think so.

Mr. Stokes

Do you know what it is? [An HON. MEMBER: "Do you?"]—Yes, about £2,000,000,000.