Oral Answers to Questions — Minimum Lending Rate

Part of the debate – in the House of Commons at 12:00 am on 5th March 1979.

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Photo of Mr Harold Lever Mr Harold Lever , Manchester Central 12:00 am, 5th March 1979

I think that the rather naive assumptions which the hon. Gentleman invites me to make owe more to party polemics than to a desire to grasp the whole of this complex subject. Our borrowing requirement is firmly held in check. The rates of interest at present, for one reason or another, are higher than they were with the same borrowing requirement. The hon. Gentleman chooses wilfully to ignore a whole complex of factors at home and abroad which bear upon interest rates.