HC Deb 09 December 1965 vol 722 c164W
Mr. Harold Lever

asked the Chancellor of the Exchequer what is the estimated effect upon the United Kingdom balance of payments of each movement of 1 per cent. in Bank Rate.

Mr. Callaghan

No precise estimate is possible. The effect on interest payments varies according to the level of sterling balances and their type. The effect on capital movements depends greatly on interest rates and other economic circumstances in other countries.