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Economy: Growth — Motion to Take Note

Part of the debate – in the House of Lords at 8:12 pm on 29th January 2013.

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Photo of Lord Davies of Stamford Lord Davies of Stamford Labour 8:12 pm, 29th January 2013

Before the Minister sits down, may I thank him for his answer to me that the interest rate paid by the Bank of England on bank deposits is 50 basis points, not the 75 basis points that I thought? Does he agree that any interest rate paid by the Bank of England to banks in those circumstances is undesirable, because it runs counter to the whole object of the exercise, which was to maximise the incentive on the banks to lend as much as possible?