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Banking Department (Profits)

Volume 485: debated on Tuesday 6 March 1951

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67.

asked the Chancellor of the Exchequer what profits have been made by the Bank of England since it was nationalised.

I presume that the hon. Member is referring to the profits of the Banking Department. A sum of £873,180 has been paid twice yearly to the Treasury in accordance with Section 1 (4) of the Bank of England Act, 1946. It has never been the practice to disclose any further particulars of the Banking Department other than those contained in the weekly Bank Return.