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Bank Rate

Volume 640: debated on Thursday 11 May 1961

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asked the Chancellor of the Exchequer if, in view of the fact that the German Bank Rate has just been reduced from 3½per cent. to 3 per cent., and that the rate in the United States of America is 3 per cent., in Switzerland 2 per cent., in the Netherlands, Norway and France 3½per cent., as against London's 5 per cent., he will seek greater Central Bank co-operation in the western world for the unification, and the lowering, of money rates everywhere, so as to reduce the heavy charges on industry and the social services; and if he will make a statement.

While recognising the importance of the objectives my hon. Friend has in mind, I have nothing to add to the Answers given to him on 22nd November, 1960, and 28th February, 1961.