HC Deb 16 February 1959 vol 600 c13W
92. Mr. Snow

asked the Chancellor of the Exchequer whether he is aware that the Bank of England's limit of 120 days for short-term credits, other than those connected with transactions for which Export Credit Guarantee Department cover is available, places United Kingdom exporters in a disadvantageous position by comparison with their continental competitors who are able to take advantage of the more liberal terms granted by continental banks; and if he will give directions to the Bank of England to extend this limit.

Mr. Erroll

The Bank of England does not in fact limit short-term credit to 120 days. Banks may themselves establish credits up to 120 days, and the Exchange Control normally allow extensions of credits up to a total of 180 days for consumer goods and 360 days, or even longer, for capital goods.

There is no evidence to suggest that our exporters are at a disadvantage in this respect compared with their continental competitors.