HC Deb 01 April 1969 vol 781 c227
36. Mr. Henry Clark

asked the Chancellor of the Exchequer by what amount the value of bank notes in circulation has increased in the last 12 months and in the last five years, respectively.

Mr. Harold Lever

The respective figures are £149 million and £745 million.

Mr. Clark

Does not this invisible and highly inflationary form of Government income invalidate the Government's claim to make additional Budget surpluses in the current year? Will this be taken into full consideration when the Chancellor makes his Budget Statement in two weeks time?

Mr. Lever

The view that allowing citizens to split their assets into bank accounts and cash, to their convenience, is inflationary is based upon the most naïve assumptions, which cannot be justified.