HC Deb 14 March 1944 vol 398 c34
57. Mr. Stokes

asked the Chancellor of the Exchequer how much new money has been created since the outbreak of war and by what methods.

Sir J. Anderson

If the word "money" in the Question refers to notes and coin, the estimated total of such currency held outside the banks increased by about £570,000,000 between August, 1939, and January, 1944. If more than this is meant to be covered, I can only say that I know of no satisfactory way of measuring the amount of "new money."

Mr. Stokes

The first part of the answer not covering the point in the Question, would it be right to say that approximately £2,200,000,000 of new money has been created since the war started; and have the banks the power to convert that money into long term loans at 2½ or 3 per cent.?

Sir J. Anderson

I said that I did not see any satisfactory way of measuring the amount of new money, in the sense in which my hon. Friend infers.

Mr. Stokes

Will the right hon. Gentleman consult me afterwards?