asked the Chancellor of the Exchequer the amount per annum which the Bank of England receives for its services in the management of the note issue and who receives the interest on the Government investments held as backing for the fiduciary note issue, amounting to £880,000,000?
The Bank receive nothing for their services over and above the actual costs incurred by them in the production and management of the note issue. As regards the latter part of my hon. Friend's Question, I would refer to the answer which I gave him on 8th September, 1942.
Is it not a fact that my right hon. Friend told me on Tuesday last that it was the Government's obligation to back the money which is now being circulated in North Africa, and if that is a Government obligation, is it not possible for money to be circulated in this country on the same basis?