§ 18. Mr. Cronin
asked the Chancellor of the Exchequer if, in accordance with his powers under Section 4 of the Bank of England Act, 1946, he will direct the Bank of England, after consultation with the Governor, to publish periodical bulletins to elucidate the technical measures it has taken, is taking, or is intending to take, to implement monetary policy.
§ Mr. P. Thorneycroft
I do not think that the course suggested would be an appropriate method of achieving the hon. Member's objective.
§ Mr. Cronin
Would not the right hon. Gentleman agree that if the machinations of the Bank of England were subject to the light of public criticism, many of the grave errors of the last two years would have been avoided, particularly the raising of short-term interest rates, which has caused so much havoc to our balance of payments?
§ Mr. Thorneycroft
I rather doubt that, but if the Bank were to state in advance 165 what its intentions were as to the use of these technical mechanisms, I think it would lead to a good deal of confusion in the market.