MONEY POLICY IN BRITAIN

Press, Volume XCIII, Issue 27916, 13 March 1956, Page 13

MONEY POLICY IN BRITAIN

Inquiry Into System (Rec. 8 p m. ) LONDON. March 12. The Chancellor of the Exchequer, Mr H. Macmillan, has agreed to meet an all-party deputation of members of Parliament and industrialists who have suggested the setting up of an inquiry into the working of the financial system. There have been several references in press and Parliament recently to New Zealand’s example in this direction.

The inquiry suggested would cover the whole field of internal, commonwealth and international finance. A letter which members sent to the Chancellor said that there was a widespread belief that statistical information at present available to the Government was inadequate, and that existing financial machinery was no longer an effective instrument for carrying out national economic policy. The chairman of the deputation will be Sir Robert Boothbv. who during the recent economic debate in the Commons criticised the Government’s monetary policy and called for ‘‘positive strategic direction” of Britain’s economy, with direct control over imports to supplement financial measures.