§ 28. Mr. Freethasked the Chancellor of the Exchequer the amount of Treasury Bills outstanding at the latest available date; and the amount outstanding at the nearest equivalent date last year.
§ Mr. H. BrookeThe figures are published weekly in the Exchequer Return.
§ Mr. FreethWill not my right hon. Friend agree that in fact the figures, or at any rate the latest figures that I have seen, show a very considerable increase over the equivalent figure at the same time a year ago? Would not he agree that after a year of credit restriction this increase in Treasury Bills is most regret-able? Can he give some assurance that the Treasury will cease to finance long-term loans by further issues of Treasury Bills?
§ Mr. BrookeMy hon. Friend has raised some large questions which are more suitable for debate. In fact, the rise in the number of Treasury Bills issued is not in itself inflationary.
§ Mr. StokesWhat about Sir Oliver Franks?
§ Mr. WadeDoes the Minister regard this substantial increase in outstanding Treasury Bills as a cause or a symptom of the present inflationary condition?
§ Mr. BrookeThat again is a question suitable for debate and is not capable of a short answer at Question Time.
§ Mr, JayDo not the figures also show a figure of about £200 million a year in interest bills over and above the figure of four years ago, and does the Financial Secretary really think that that huge rise in Government expenditure is justifiable?
§ Mr. BrookeI am not committing myself to any figure as to the rise in the interest bills, which is a separate issue from that raised in my hon. Friend's Question.