Monetary System

Part of the debate – in the House of Commons at 12:00 am on 26 November 1959.

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Photo of Mr Tom Iremonger Mr Tom Iremonger , Ilford North 12:00, 26 November 1959

The right hon. Gentleman has already had my right hon. Friend correct him on the point that he—my right hon. Friend—had never claimed that monetary policy alone would be sufficient, and the right hon. Gentleman opposite has conceded that my right hon. Friend was not claiming that monetary policy alone would do it. Would he now concede that this paragraph is not a claim that interest rates alone will do it, but that what, in fact, the Government policy has relied upon has been the whole of monetary policy, of which interest rates are, in fact, only a part?