TRIBUNAL’S REPORT

Press, Volume XCVII, Issue 28492, 23 January 1958, Page 11

TRIBUNAL’S REPORT

No “Leak" About Bank Rate

LONDON, January 21.

An official tribunal today swept away rumours that Britain's decision last year to raise the bank rate by 2 per cent, was improperly "leaked” in advance. A 20.000-word report by the three-man inquiry completely vindicates Government ministers. Conservative Party officials. Bank of England directors, and journalists involved in the allegations: The report said:. “We have unhesitatingly reached the unanimous conclusion that there is no justification for allegations that information about the raising of the bank rate was improperly disclosed to any person.”

The main findings in the report submitted to Parliament today, included the following:

In briefing journalists, trade union officials and Conservative Party officials about financial measures he proposed, the then Chancellor of the Exchequer (Mr Petter Thorneycroft) gave no hint Of the bank rate change.

Mr Oliver Poole, deputy chairman of the Conservative Party, whose name was mentioned during House of Commons questions, was not told in advance of the bank rate rise. There was “no shred of evidence" that he made any disclosure about the bank rate or other measures to any person connected with the companies with which he is associated, or that he made use of any such information for private gain. Lord Kindersley and Mr William Johnston Keswick, two Bank of England directors connected with firms which sold gilt-edged securities on the eve of the bank rate rise, were both described as having acted “with complete honesty and propriety.” The tribunal found that neither, intentionally or unintentionally; had disclosed any information suggesting the bank rate was to be raised or had made use of such information for private gain. Journalists and others who had been told In advance about the proposed financial measures but not the bank rate treated the information properly.