Bank Rate

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 25 February 1960.

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Mr. H. Wilson:

While we appreciate all this flexibility, will the hon. Gentleman answer my hon. Friend's supplementary question? Is it not a fact that the Bank of England, when it announced the increase in the Bank Rate, stated that it was because of the internal situation, that the Chancellor has said that it was because of the external situation and that the Governor now says that it was because of the internal situation? Whichever it was, internal or external, will the hon. Gentleman say whether the rise in the Bank Rate has achieved what the Government set out to do when they proposed it?