Bank of England (Treasury Control)

HC Deb 02 February 1954 vol 523 c23W

76. Sir W. Smithers

asked the Chancellor of the Exchequer by what authority the Treasury control and direct the policy of the Bank of England, especially with regard to alteration of the Bank rate.

Mr. R. A. Butler

The only authority is Section 4 (1) of the Bank of England Act, 1946.