§ Mr. Templeasked the Chancellor of the Exchequer what has been the number of months since October, 1964, in which the Bank Rate has been at 7 per cent. or higher; and what is the last previous period of equivalent length in which the Bank Rate was at 7 per cent. or higher for the same number of months or more.
§ Mr. DiamondSince October, 1964, Bank Rate has stood at 7 per cent. or above for a total of almost 16 months. The last previous period during which a Bank Rate of 7 per cent. or higher existed for a greater number of months occurred between December, 1863, and August, 1866, when Bank Rate was between 7 and 10 per cent. for almost 18 months.