§ Mr. Tinkerasked the Chancellor of the Exchequer whether he will make a statement on the recent borrowing of £50,000,000 from the banks; and what is the rate of interest to be paid?
§ Sir K. WoodI assume that my hon. Friend is referring to the £50,000,000 borrowed from the banks on Treasury Deposit Receipts during the week ended 6th December, 1941. This amount, like many previous weekly amounts, was borrowed under the scheme which I announced in the House in my reply to the hon. Baronet the Senior Member for the City of London (Sir G. Broadbridge) on 4th July, 1940. Interest is at present payable on these borrowings at the rate of i£ per cent. per annum.