§ 55. Mr. Hector Hughesasked the Chancellor of the Exchequer if he will make a statement on the content and result of his recent conversations with the bank officials representatives.
§ Mr. Roy JenkinsI have made clear to the banks in my discussions with them the importance of maintaining a severe restraint on credit. The March figures showed that some progress has been made towards the 98 per cent. target, but, as I said in my Budget Statement, if the April figures do not show a satisfactory further improvement, I shall have to consider early action to reinforce pressure to bring bank lending under the ceiling.