Fiduciary Note Issue

HC Deb 05 July 1949 vol 466 c143W

Mr. D. Thomas

asked the Chancellor of the Exchequer if he will make a statement about the fiduciary note issue.

Mr. Benson

asked the Chancellor of the Exchequer if he will make a statement about the fiduciary note issue.

Sir S. Cripps

Yes. The amount of Bank of England notes in circulation at present is £1,277.9 million. The Treasury Minute authorising the maintenance of a fiduciary issue of £1,300 million expired yesterday and the opportunity was taken to authorise an increase in the fiduciary issue in anticipation of the normal seasonal increase in the demand for notes over the holiday period. The Treasury Minute issued under the Currency and Bank Notes Act, 1928, as amended, authorising an increase in the fiduciary issue by £50 million to £1,350 million for a maximum period of six months is being laid before Parliament.