§ Mr. Bryan Daviesasked the Chancellor of the Exchequer whether he proposes to make any relaxation to the Exchange control rules concerning emigration.
§ Dr. GilbertWhile the present balance of payments position precludes any general relaxation of exchange control rules concerning emigration, my right hon. Friend has been particularly concerned about the effect on the elderly of the present limit of £5,000 per family unit which emigrants to non-sterling area countries may take in official exchange on departure. Such people frequently emigrate on retirement and during the four years that their remaining sterling assets are under restriction they may encounter special difficulties in establishing themselves. Some relaxation seems desirable in their case.
From tomorrow, therefore, the initial allowance for elderly emigrants—defined as those aged 65 or over in the case of men and 60 or over in the case of women 201W —who emigrate from the United Kingdom to a non-sterling area country will be increased from the present figure of £5,000 per family to £20,000, provided that either the husband or the wife meets the age limit specified. Intending emigrants to the non-sterling area should make application through a bank in the normal way. Emigrants to the non-sterling area who reach the age of 65 or 60, as appropriate, during the four-year period of restriction will from that date be able to apply for the release of sufficient of their restricted funds to bring their total official exchange allowance up to £20,000. Emigrants to the non-sterling area who have left this country during the last four years and who still have sterling assets under restriction may, on attaining the ages referred to, apply for additional funds to bring their official exchange allowance up to £20,000. A Bank of England exchange control supplement giving details of these new arrangements is being issued today.
Emigrants to overseas sterling area countries already receive an initial allowance of up to £20,000 per family unit, irrespective of age.