HC Deb 16 March 1948 vol 448 c1877
47. Mr. William Shepherd

asked the Chancellor of the Exchequer the rate of interest paid on sterling balances in 1947, and the total amount paid in respect of such interest during 1947.

The Chancellor of the Exchequer (Sir Stafford Cripps)

Apart from cash holdings, a great part of the sterling balances is held in the form of Treasury bills, bearing interest at ½ per cent., amounting to about £10 million a year. In addition, the Crown Agents for the Colonies, Currency Boards and similar authorities continue to hold short and medium term British Government securities at varying higher rates.

Mr. Shepherd

Is the Chancellor able to say whether the interest on blocked sterling balances is itself blocked, or made available for current purchases?

Sir S. Cripps

I could not say without notice.

Forward to