§ 47. Mr. Osborne
asked the Chancellor of the Exchequer to what extent the issue of Railway Compensation Stock on a 3 per cent. basis, indicates the abandonment of the previous 2½ per cent. cheap money policy; and if he will give an assurance that the new 3 per cent. rate for long-dated Government borrowing will be held.
§ The Chancellor of the Exchequer (Sir Stafford Cripps)
The terms of issue of British Transport Stock reflect the price 212 of Government securities at the date of issue. There has been no general change in Government borrowing policy and I am not prepared to anticipate the level of future interest rates.
§ Mr. Osborne
Is it the intention of the right hon. and learned Gentleman to let the gilt-edged market find its own level?