§ 18. Mr. Cronin
asked the Chancellor of the Exchequer if he will take steps to reduce the amount of interest paid to clearing banks by the Bank of England.
§ Mr. Barber
As my right hon. Friend the Prime Minister announced on 8th October, as part of stage 3 of the Government's counter-inflation policy it is proposed that no interest shall be paid on a proportion of the special deposits which each bank makes with the Bank of England.