HC Deb 24 July 1973 vol 860 c512W
Mr. Stainton

asked the Chancellor of the Exchequer what steps he proposes to reduce or eliminate interest on special deposits made by the clearing banks with the Bank of England, in view of the 75 per cent., 78 per cent. and 96 per cent. rises in the interim profits reported by Barclays, Midland and Lloyds banks.

Mr. Nott

Under paragraph 195 of the White Paper "The Operation of Stage II", Cmnd 5267, the banks will be sending to the Price Commission reports on their profit margins. Non-interest business will be dealt with in accordance with the code. The reports on interest-earning business will enable the Treasury to consider whether corrective action, including the reduction or elimination of interest on special deposits. would be appropriate

Forward to