HC Deb 17 July 1969 vol 787 c183W
Mr. Sheldon

asked the Chancellor of the Exchequer what increase in gold and dollar reserves he estimates will accrue from each £ million sterling reduction in domestic credit expansion.

Mr. Harold Lever

The more favourable the balance of payments and reserves position, the smaller domestic credit expansion will tend to be. The relationships involved are, however, very complex, and the degree of interaction will vary between the different components of the balance of payments and the different components of domestic credit expansion. This question cannot therefore be answered in statistical terms.