§ 34. Mr. Cronin
asked the Chancellor of the Exchequer if he will introduce legislation to amend the 1946 Bank of England Act with a view to enabling Her Majesty's Government to give general directions to the banks on the extent of advances.
§ Mr. Cronin
Would not a more forthcoming Answer be more appropriate at the end of the right hon. Gentleman's personally popular and not undistinguished term of office? Would not it be simpler than the boomerang weapon of the Bank Rate and the various esoteric measures of Government financial policy?
I am very grateful for the kind remarks which the hon. Gentleman made in the first part of his supplementary question. I see no present need for such legislation. Arrangements between the Treasury and the Bank of England and between the Bank of England and the banks respectively seem to me to work satisfactorily.