§ Mr. Stratton Millsasked the Chancellor of the Exchequer whether the letter from the Governor of the Bank of England asking banks to restrict loans was sent with his authority; if it applies to Northern Ireland; and if he will make a statement.
§ Mr. CallaghanIn accordance with normal practice, the guidance given to the banks was the subject of consultation between the Governor of the Bank of England and myself. It was addressed to all banks in the United Kingdom.
The banks were asked, in preference to lending for less essential purposes, to give the fullest possible facilities to exports and productive investment, and to have regard to the Government's aims on regional development.