I am not clear what precise services of the Bank of England my hon. Friend is referring to in the first part of his Question. I assume he is aware that the profits of the Note Issue, now very substantial, enure to the Treasury. The answer to the second part of his Question is in the negative.
Do not we deal with the Bank of England when we want some credit, and does it not cost some money to get it? Surely we are entitled to know a little more about transactions between the Government and the Bank of England? Are they secret?
Is it not a fact that under the Currency and Banknote Act, 1928, the whole of the profits of the Issue Department of the Bank of England are paid into the Exchequer?