Credit restrictions and import deposit scheme 22 Nov 1968

Quarterly Bulletin 1968 Q4
Published on 01 December 1968

Issued by the Bank of England on 22nd November 1968.

The Government has today announced increases in taxation and further credit restrictions, accompanied by the introduction of an Import Deposit Scheme.
In reviewing the changes in credit policy now appropriate, the authorities have carefully considered representations from the clearing and Scottish banks about the inclusion within the overall ceiling, since the 23rd May, of fixed-rate lending under the special schemes for export and shipbuilding finance. It is recognised that this inclusion can lead to inequities between individual banks and it has been concluded that it can be abandoned without damage to the effectiveness of credit policy generally. Accordingly, such lending will henceforth be excluded from the calculation of credit ceilings.

PDFCredit restrictions and import deposit scheme 22 Nov 1968

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