Monetary Policy.

Oral Answers to Questions — National Finance. – in the House of Commons on 26th November 1936.

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Photo of Mr William Craven-Ellis Mr William Craven-Ellis , Southampton

asked the Chancellor of the Exchequer whether he is prepared to give legislative recognition to this country's new standard, namely, stability of the internal general price level; and whether he is prepared to give legislative effect to those reforms of the monetary system which are necessary to ensure the stability of the new standard?

Mr. CHAMBERLAIN:

I am satisfied that our monetary policy, which has often been stated in the House, can be carried out on the basis of the existing law, and that no further legislation is at present required. I must not, of course, be understood to accept my hon. Friend's statement of that policy as accurate or complete.

Photo of Mr William Craven-Ellis Mr William Craven-Ellis , Southampton

Is my right hon. Friend satisfied that the existing law provides the stability which industry considers necessary?

Mr. CHAMBERLAIN:

I have no reason to suppose to the contrary.

Photo of Mr Arthur Samuel Mr Arthur Samuel , Farnham

May I ask my right hon. Friend if he will request the hon. Member to issue a paper to explain exactly what his question means?