Fiduciary Issue

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 12th July 1949.

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Photo of Sir Waldron Smithers Sir Waldron Smithers , Orpington 12:00 am, 12th July 1949

asked the Chancellor of the Exchequer why he has agreed to the increase of the fiduciary issue by the Bank of England by £50 million.

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

For the reason given in the answer to my hon. Friend the Member for Aberdare (Mr. D. Thomas) and my hon. Friend the Member for Chesterfield (Mr. Benson) on 5th July.

Photo of Sir Waldron Smithers Sir Waldron Smithers , Orpington

Does not the right hon. and learned Gentleman realise that he is adopting Soviet technique in this matter by saying one thing and doing the opposite? He is warning the country against inflation and then bringing in 50 million more bits of paper.

Photo of Sir Stafford Cripps Sir Stafford Cripps , Bristol East

Perhaps the hon. Member will read the answer.