§ 34. Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what estimate he made of the effect of his instruction to the commercial banks to restrict the interest rate paid on deposits of £10,000 and less on the profits of these banks during the duration of the Government's counter-inflation legislation.
§ Mr. NottMy right hon. Friend has made no such estimate. Bank profits will be reduced under the stage 3 arrangement whereby they will no longer receive interest on a proportion of their special deposits with the Bank of England.