The Chancellor of the Exchequer, H. Dalton, moved the Second Reading of the Bill. The Government had a mandate to carry out the programme contained in Let Us Face the Future, he declared, and one of the undertakings contained in the programme was to bring the Bank of England under public ownership. The Bill fulfilled that mandate. The Bill brought the law into relation with the facts as they were, and would help ensure a smooth and efficient growth of the financial and banking system; it was one of the foundations of a five-year economic plan for the country.
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