§ Mr. Shepherd
asked the Chancellor of the Exchequer what change he proposes to make in the rate of interest payable on tax reserve certificates.
§ Mr. R. A. Butler
I have agreed to the issue of a new Tax Reserve Certificate (Sixth Series), which will bear interest at the rate of 1½ per cent. per annum tax free instead of 1¼ per cent.per annum tax free, the other terms being similar to those of the current issue. The new certificates will be available as from Monday, 21st March. The Bank of England are issuing a prospectus containing the full terms of issue today.