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Bank Rate

Volume 645: debated on Tuesday 25 July 1961

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With my approval, the Bank of England is announcing a rise in the Bank Rate from 5 per cent. to 7 per cent. I have agreed to this partly because of the need to restrain credit internally, and partly because of the unsettled international situation.

The effect of all this will be to make credit more expensive and more difficult to get. The impact will be felt particularly on credit for personal consumption and property development.