HC Deb 15 December 1960 vol 632 cc71-2W
67. Mr. C. Osborne

asked the Chancellor of the Exchequer, since the American Treasury refuse to increase substantially interest rates because this would precipitate a recession, why Her Majesty's Government still maintains a relatively higher Bank Rate; whether he is satisfied that the present high rate will not help cause a slump in this country; and if he will make a statement.

Mr. Barber

As to the considerations which determine the level of Bank Rate in this country, I have nothing to add to what my right hon. Friend said in reply to my hon. Friend on 22nd November. I do not believe that there is any danger in present circumstances of a 5 per cent. bank rate helping to cause a slump.