HC Deb 25 October 1973 vol 861 c559W
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.