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 do not know that I find it reassuring that Opposition Members and some of my hon. Friends are achieving identical hallucinations on this delicate area of finance. No one could possibly suggest that that rate of interest was induced by a state of panic. It was a judgment reached after due consideration. The rate was dropped as soon as market conditions made it possible.