BANK RATE (Hansard, 27 February 1969)

§ Mr. John Smith
I beg to ask leave to move the Adjournment of the House under Standing Order No. 9 to discuss a specific and important matter that should have urgent consideration, namely, the unexplained decision to increase Bank Rate to the crisis level of 8 per cent. That this is a specific and important matter is beyond argument. Raising the Bank Rate to 8 per cent. is an international signal of distress only to be hoisted on the rarest possible occasions. What is urgent is that it should be shown immediately to a puzzled world, before it draws wrong conclusions immensely damaging to sterling and so to all of us, whether this has been done for external or, which seems almost incredible, for internal reasons. This must be done immediately, because foreign exchange is like quicksilver.
Ordinarily, when Bank Rate is raised to such a level the reasons are instantly apparent to the world, but this time, perhaps for the first time, they are not. Various conclusions can be drawn, some most damaging to this country.
The Prime Minister scuffed over this in Questions and the Leader of the House has refused time to debate it. If we hoist this international signal of distress we must make it plain to the world at once whether, this has been done because, which I do not believe, the ship is sinking or—[Interruption.]

§ Mr. Speaker
Order. Mr. Speaker needs no help. The hon. Member must not drift into the merits of what he wants to do. I am listening to him very carefully.

§ Mr. Smith
We must make it plain whether it has been done because the ship itself is in danger, or because of a lesser difficulty on board. That can only be done by a debate now in this House—[Interruption.]

§ Mr. Speaker
Order. May I point out to the House that when an hon. Member is asking leave under Standing Order No. 9 to discuss something which he thinks is important he has a right to be heard.
The hon. Member for the Cities of London and Westminster (Mr. John Smith) asks leave to move the Adjournment of the House under the Standing 1939 Order No. 9 for the purpose of discussing a specific and important matter which he thinks should have urgent consideration, namely, the unexplained decision to increase Bank Rate to the crisis level of 8 per cent. As the House knows, under revised Standing Order No. 9 Mr. Speaker is directed to take into account the several factors set out in the Standing Order, but to give no reasons for his decision.
I have listened very carefully to the hon. Member. I have given careful consideration to the representations that he has made, but I have to rule that the hon. Member's submission does not fall within the provisions of the revised Standing Order, and, therefore, I cannot submit his application to the House.