Press announcement by the Bank of England on 28th July 1970.
On the 14th April the London Clearing Banks and the Scottish Banks were asked by the Bank of England to ensure that their sterling lending to the domestic private sector and to overseas borrowers (other than fixed rate lending under the special schemes for export and shipbuilding finance) should show only a gradual and moderate increase, not exceeding about 5%, during the twelve months to mid-March 1971. The Clearing Banks' statement published this morning indicates that, in the month to mid-July, after allowance for seasonal influences, their lending in this area rose at a pace which, if not moderated, would prove inconsistent with this request. Also Scottish Bank lending has risen sharply over the last month.
Credit restriction - press announcement 28 Jul 1970