HC Deb 04 February 1958 vol 581 cc955-6
10. Mr. Farey-Jones

asked 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. Amory

No, Sir.

Mr. Farey-Jones

Is 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. Amory

That matter is one which we may have a chance of discussing later today.

Mr. Jay

Does 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. Amory

I 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.