§ Dr. Gilbertasked the Chancellor of the Exchequer why he considers no powers are necessary to enforce directions made under Section 4 of the Bank of England Act 1946.
§ Mr. NottI would refer the hon. Member to the memorandum submitted by the Treasury to the Select Committee on Nationalised Industries in April 1969 which stated that directions could be properly made only on matters of major policy in respect of which no Governor could fail to acknowledge the right of the Government to decide.