HC Deb 24 June 1954 vol 529 cc562-3
3. Mr. Erroll

asked the Chancellor of the Exchequer if he will, in conjunction with the Bank of England, now give immediate consideration to the introduction of a smaller £5 note.

The Financial Secretary to the Treasury (Mr. John Boyd-Carpenter)

This is a matter for the Bank of England, which is aware of my hon. Friend's suggestion.

Mr. Erroll

As the Bank of England is refusing to do anything about the suggestion, will my right hon. Friend nevertheless make representations to it, as a large number of organisations which have to handle considerable quantities of notes, particularly bank staffs and wages clerks who make up pay packets in industrial establishments, require a smaller and more conveniently-shaped £5 note?

Mr. Boyd-Carpenter

This is a matter within the responsibility of the Bank. I think that my hon. Friend knows that all the points he has just put, and other points, are before the Bank.

Mr. E. Wakefield

Can the Chancellor also be asked to consider the introduction of a more valuable £5 note?

Mr. Boyd-Carpenter

That is another question.

Mr. Langford-Holt

Could my right hon. Friend tell us what is the advantage of a £5 note in its present size and texture, except possibly its distinctive crackle?

Mr. Boyd-Carpenter

Apart from the crackle, as my hon. Friend will be aware, the design of a currency note of this sort has to take into account the desirability of making it very difficult to forge.