The total of Treasury deposit receipts outstanding on 25th July was £654,500,000, representing deposits by the Clearing and other Banks. Interest is payable at the rate of 1⅛ per cent. per annum. Treasury bills are transferable by delivery, and I cannot say what proportion of the total outstanding is held in any particular hands. The current rate of discount is approximately 1 per cent. per annum.
I accept that, but I must ask my right hon. Friend again whether he does not think there is still room for improvement in order to ease the burden on the taxpayer?