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نرخ بهره کمینه
The Bank of England would replace the Treasury as the key State agency in the credit market, regulating demand for money through manip- ulation of the Bank Rate, to be known as the Minimum Lending Rate (MLR) from October 1972.50
Low and negative real interest rates (the MLR hovered between 7.25 and 8 per cent for most of the period between October 1972 and late July 1973, while the RPI was rising towards an annual rate of 10 per cent) combined with liberalization of credit ceilings and competition between banks to cause a dramatic surge in lending.
Responding to the economic indicators, Sir Leslie O'Brien, an increasingly anxious Governor of the Bank of England, argued in the summer of 1973 that MLR should rise in order to restrain the demand for credit in accordance with the rules of the game according to CCC.
He reiterated the commitment to 5 per cent growth and expressed a determination to 'swim through the whirlpool'.65 Finally, however, the government agreed to a series of increases which took the MLR up to 11.5 per cent at the end of July and 13 per cent in November.
cit and Britain's external liabilities.155 As a substitute the MLR was raised to 13 per cent, to little e?
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