HC Deb 27 February 1968 vol 759 cc1203-4
7. Mr. Ridley

asked the Chancellor of the Exchequer what has been the increase in notes and coin in circulation and in the net indebtedness to the Bank of England Banking Department over the last 10 years, taken together; and what have been the net receipts from market transactions over the same period.

Mr. Harold Lever

For the period of 9½ years between the beginning of the financial year 1958–59 and the end of the second quarter of 1967–68 the first two figures are £ 1,050 million and £ 237 million. Net receipts from market transactions, if interpreted as the total net increase in Government marketable debt outstanding, amounted to £ 600 million over the same period.

Mr. Ridley

Did not the Answer illustrate what I said in my supplementary question to Question No. 6, that the Government have printed twice as much as they have borrowed in the past 10 years? Is it not time that that trend was reversed?

Mr. Lever

The hon. Gentleman draws inferences from the figures which they do not support. The amount of new money printed simply reflects the public's appetite for cash to keep in its tills and pockets.

Mr. Ogden

Is my hon. Friend aware that whilst he has been taking care of the £ there appears to be a serious shortage of shillings? While two tanners make a bob, one cannot put two sixpences in coin machines made to take shillings. Will he do something about that?

Mr. Lever

I shall certainly take account of what my hon. Friend said.