Oral Answers to Questions — British Army. – in the House of Commons on 7th May 1940.
asked the Chancellor of the Exchequer the average rate of interest, and the total amount paid by way of interest, in respect of Treasury bills issued since 1st September, 1939, and the corresponding figure for the similar period a year before?
For Treasury Bills issued from 1st September, 1939, to 4th May, 1940, as a result of public tender the average rate was £1 9s. 6d. and the total amount of interest paid was £7,225,957. For the period from 1st September, 1938, to 4th May, 1939, the corresponding figures were 15s. 10d. and £2,359,224.
Is the Chancellor aware that there is a growing body of important opinion which regards these rates as unnecessarily high and will he take steps to stop this profiteering by the banks when they are getting higher rates on an increased turnover?
The position alluded to by the hon. Member and that referred to in the Question are not, of course, the same.