§ Mr. Nicholas Wintertonasked the Chancellor of the Exchequer how much income the Bank of England takes in per year on the legally-required maintenance of a non-interest-bearing balance by clearing banks of 1½ per cent. of their eligible liabilities.
§ Mr. Denzil DaviesThere is no such legal requirement. The arrangements referred to were agreed between the Bank of England and the clearing banks in 1971.