HC Deb 08 July 1969 vol 786 c1132
1. Mr. Ridley

asked the Chancellor of the Exchequer if he will seek statutory power to enforce his policy upon the joint stock banks with regard to overdraft levels.

The Chief Secretary to the Treasury (Mr. John Diamond)

No, Sir.

Mr. Ridley

Would not it be better if the Chancellor took power before telling other people what to do? Would not it also be easier for the banks if there were not two or three separate Departments, as at present, telling them to do contradictory things, as the Ministry of Agriculture did the other day?

Mr. Diamond

There are powers, but it is far better to act on voluntary cooperation. As to giving instructions, instructions are given only by the bank.

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