§ Mr. JackTo ask the Chancellor of the Exchequer when he intends to use the power taken in the Finance Act 1989 to enable the Government to use the National Loans Fund money to acquire gilt-edged stock held in the issue department of the Bank of England for immediate cancellation.
§ Mr. MajorThe first use of this power will be made on 6 December, when £4½ billion of stock will be acquired from the issue department for immediate cancellation. The Bank of England will today be issuing a separate notice giving precise details of the stock to be cancelled.