HC Deb 17 November 1960 vol 630 c53W
5. Mr. C. Osborne

asked the Chancellor of the Exchequer why he has given his consent to the immediate issue by the Iron and Steel Holding and Realisation Agency of its fixed interest bearing stocks to the public whilst the Bank Rate is 5½ per cent. instead of waiting for a lower Bank Rate when higher prices would be obtainable; and whether he will make a statement.

Mr. Barber

So long as the Government is a long-term borrower it has to pay the prevailing rate for money. It makes little or no financial difference to the Exchequer whether it does this by issuing securities of its own on appropriate terms or by selling at their current market price other securities which it already owns.