HC Deb 03 August 1943 vol 391 cc2084-5
55. Mr. G. Strauss

asked the Chancellor of the Exchequer the relative price and wages levels which were taken into account when the lira exchange rate was provisionally fixed; and to what extent the price levels include black-market rates?

Sir K. Wood

The new rate was fixed, as I have already stated, after having taken into account so far as possible all the relevant economic factors. At this time I do not think a more detailed discussion would be advisable.

Mr. Strauss

As the right hon. Gentleman said in his previous reply that price levels and wage levels were important factors in coming to this decision, may I ask why he cannot tell us what those levels were, so that we can judge whether the figure, which appears to be very far from being a true or fair one, was so in fact or not?

Sir K. Wood

I said that the broad facts were taken into account, but I am sure my hon. Friend appreciates that this is a matter in which we have to act in conjunction with the American Government, and that the matter is provisional.

Mr. Strauss

As those levels must have been available to the Chancellor of the Exchequer, why cannot he make the figures available to the House?

Sir K. Wood

I have said that I do not think discussion is wise at the present time.

Mr. A. Bevan

Surely when the right hon. Gentleman reaches agreement with the American representatives, there must be evidence upon which he reaches that agreement? Cannot we see it, or must we have this silly alibi?

Sir K. Wood

There is no ground for saying that. I stated the matter as fully as I could.

Mr. Ivor Thomas

Why was the rate lowered from 480 to 400?