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Fiduciary Note Issue

Volume 476: debated on Wednesday 28 June 1950

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asked the Chancellor of the Exchequer whether he will make a statement about the amount of the fiduciary note issue.

Yes. The Treasury, acting under the power conferred by Section 8 of the Currency and Banknotes Act, 1928, as subsequently amended, have authorised an increase in the amount of the fiduciary note issue by £50 million to £1,350 million as from 27th June, 1950, in anticipation of the normal increase in the demand for notes during the holiday season. The Treasury minute will be laid before Parliament.