| Description | Debate within Bank and HM Treasury (HMT) on the merits of copying a United States (US) initiative to offer favourable interest rates to foreign governments and monetary authorities in 1961. Renewed interest in 1962, leading to a Bank proposal to lend at ½ % over Bank Rate, which was discussed with HM Treasury and the Chancellor and then announced in January 1963 and implemented on 19 March 1963. Memoranda by H S Clarke, Jasper Quintus Hollom and Humphrey Charkes Baskerville Mynors in November 1963 on Bank Rate as a minimum rate. Further consideration given to differential interest rates in 1966, 1970 and 1973. |