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Fiduciary Issue

Volume 467: debated on Tuesday 12 July 1949

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40.

asked the Chancellor of the Exchequer why he has agreed to the increase of the fiduciary issue by the Bank of England by £50 million.

For the reason given in the answer to my hon. Friend the Member for Aberdare (Mr. D. Thomas) and my hon. Friend the Member for Chesterfield (Mr. Benson) on 5th July.

Does not the right hon. and learned Gentleman realise that he is adopting Soviet technique in this matter by saying one thing and doing the opposite? He is warning the country against inflation and then bringing in 50 million more bits of paper.