During the winter and spring of 1931–2 Keynes had not only been advocating the management of sterling at a relatively low level, but he had also been advocating cheap money. Such a policy was also put forward by the Prime Minister's Advisory Committee on Financial Questions in late February and early March 1932. Bank rate, which had been raised to 6 per cent when sterling left the gold standard, came down in three stages to 31/2per cent. In April, following the Budget which introduced the Exchange Equalisation Account, the rate came down to 3 per cent and on 12 May to 21/2 per cent. The stage was then set for the Chancellor's dramatic flight to London from the reparations conference at Lausanne to announce to the House of Commons on 30 June the conversion of over £2 billion of 5 per cent War Loan 1939–47 to a 31/2 Percent War Loan 1952 or after. The same day, Bank rate fell to 2 per cent, where it was to remain until August 1939.