§ 10. Mr. Farey-Jonesasked the Chancellor of the Exchequer if he will initiate legislation to denationalise the Bank of England, return to its Court and Governors complete independence of Treasury control, and thus restore confidence throughout the sterling area in the stability and future of the £.
§ Mr. Farey-JonesIs my right hon. Friend aware that, as a measure of long-term policy, the complete independence of the Bank from diverging political policies would create immeasurable international confidence?
§ Mr. JayDoes the Chancellor think it would help to restore confidence in the £ if the Treasury and the Bank of England were to pursue contradictory economic policies at the same time, as used to happen before nationalisation?
Mr. AmoryI will not say anything about what used to happen before nationalisation, but if that were to happen now, or at any other time, it would be a most unfortunate situation.