HC Deb 05 July 1972 vol 840 cc175-6W
Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer to what extent he expects that the Bank of England's offer to make available temporary sale and repurchase facilities in short-dated Government securities to the commercial banking system will counteract the effect of the recent withdrawals of foreign-owned deposits on the domestic money supply.

Mr. Nott

As my right hon. Friend told the House last Thursday, this special, temporary measure of assistance will not fully offset the contractionary effect of the foreign exchange outflow on the reserve base of the banks.