HC Deb 06 May 1912 vol 38 c175W

asked the Chancellor of the Exchequer, if the £6,500,000 surplus from last year is now lying in the Bank of England to the credit of the Consolidated Fund; and, if so, is it drawing any interest, and, if not, why should it not be placed upon deposit account until it is wanted for increased naval expenditure or until it can be safely restored to the old sinking fund?


The sum in question forms part of the Exchequer balance at the Bank of England. Interest is not received on Exchequer balances, but the inclusion in the balances of the surplus of last year has reduced and will reduce the amount of temporary borrowing required for the public service.