§ 68. Sir C. Osborneasked the Chancellor of the Exchequer what special factors made it necessary for the Bank Rate for 1968 to be kept at a rate which averaged 7.47 per cent. the highest for over 100 years; and whether those factors will be removed in the next six months.
§ Mr. Harold LeverHigh interest rates have been necessary in recent months both on domestic grounds and to protect the reserves. As the balance of payments moves into surplus, external pressures may be expected to abate, but my right hon. Friend has no intention of relaxing the squeeze.