§ 63 and 65. Mr. Grey
asked the Chancellor of the Exchequer (1) what effect it is estimated the recent credit restrictions will have on employment in the North-East of England;
(2) what consideration he gave, before imposing his recent credit restrictions, to the effect such restrictions would have upon employment in the North-East of England.
It would not be possible to vary the level of interest rates or the amount of a call for special deposits on a regional basis. In deciding upon the recent measures I took into account the need to avoid any setback to the welcome improvement in employment in North-East England and other parts of the country where the level of unemployment has been relatively high, as well as the need to avoid overstrain in the92W economy as a whole. It is much too early to say anything certain about the effects of the recent measures; but there is no evidence that the measures taken in April had any bad effects on employment in North-East England, where the level of unemployment continued to fall in May and June, and, as I said in the House yestrday, I do not think that the latest restraining measures will have more than a marginal effect on industrial investment in fixed capital.
69. Mr. Slater
asked the Chancellor of the Exchequer what estimate he has made of the extent to which local authorities in the north-east will be affected by the Government's policy for limitation of public expenditure.
The implementation of the policy I announced on 23rd June is at present under consideration.
asked the Chancellor of the Exchequer what financial effect the reimposition of hire-purchase restrictions and the increase in the Bank Rate have had in the North-East.
Statistics are not available on a regional basis for bank advances or for hire purchase sales and debt.