HC Deb 21 August 1945 vol 413 cc449-50
65. Sir W. Smithers

asked the Chancellor of the Exchequer whether he proposes to restore the statutory arrangements suspended until September, 1945, whereby the increase of the fiduciary issue requires confirmation by Parliament.

Mr. Dalton

The arrangements for regulating the size of the fiduciary note issue will require careful consideration in due course, but I think it would be premature to seek to deal with the question of legislation in the very near future.

Sir W. Smithers

Does not the right hon. Gentleman realise that these powers were given to the Bank of England only for the duration of the war, and that unless the Bank of England gives technical advice, the Government will be in a position to print unlimited paper money and depreciate the currency?

Mr. Dalton

I think that neither I nor the Governor of the Bank would favour that.

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