§ 69. Mr. Osborneasked the Chancellor of the Exchequer the estimated additional cost, per annum, to the nation of the present 5½ per cent. Bank Rate since it was raised from 4 per cent.; and what would be the estimated saving if it were reduced to 4 per cent.
§ Mr. BirchIt would not be feasible to make a calculation on the basis suggested by my hon. Friend.
§ 70. Mr. Osborneasked the Chancellor of the Exchequer, in view of the repeated demands in financial circles for a lower Bank Rate, if he will make a statement on his future policy regarding the Bank Rate.
§ Mr. BirchThe then Chancellor informed my hon. Friend on 5th June last that monetary policy remains flexible and Bank Rate will be varied as circumstances require.