HC Deb 02 August 1962 vol 664 cc773-4
14. Mr. Jay

asked the Chancellor of the Exchequer whether he will now reduce the Bank Rate.

Mr. Boyd-Carpenter

No, Sir.

Mr. Jay

Is the Chief Secretary aware that these high interest rates are not merely holding back expansion but are making it more difficult for the United States Government to follow an expansionist policy? Is it wise for the two greatest importing nations of the world to be thus depressing and deflating economically the rest of the free world?

Mr. Boyd-Carpenter

That raises far too large a question to be dealt with by question and" answer at Question Time. I have answered the right hon. Gentleman's Question with the only answer which I could give without surprising him.