§ 3. Mr. Errollasked the Chancellor of the Exchequer if he will, in conjunction with the Bank of England, now give 563 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. ErrollAs 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-CarpenterThis 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. WakefieldCan the Chancellor also be asked to consider the introduction of a more valuable £5 note?
§ Mr. Boyd-CarpenterThat is another question.
§ Mr. Langford-HoltCould 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-CarpenterApart 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.