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 Dennis Skinner Dennis Skinner , Bolsover 12:00 am, 5th March 1979

Is it not a fact that it has been widely reported that, as a result of minimum lending rate going up to 14 per cent., some of the City friends of the Chancellor of the Duchy have made a killing during that three-week period when the Government were selling gilts in that way? As my right hon. Friend has just raised the question of the PSBR again, may I ask whether he takes into account the fact that it is costing about £4,000 million to finance the dole queue? Is he not aware that that is one of the factors which is creating inflation and leading to this figure of 14 per cent.? It is at that end that he ought to start doing some work.