HC Deb 10 July 1947 vol 439 cc2428-9
51. Mr. Lipson

asked the Chancellor of the Exchequer if it is the intention of His Majesty's Government to ask the U.S.A. to agree to a modification of the Anglo- U.S. Loan Agreement so as to permit Britain to buy commodities from soft currency countries and at the same time to restrict imports from hard currency countries.

Mr. Glenvil Hall

A comprehensive approach to the U.S. Government will be necessary as part of the response to Mr. Marshall's speech. Meanwhile, it is undesirable to deal piecemeal with particular aspects of Anglo-American relations.

Mr. Lipson

Does that answer mean that, until agreement has been reached with regard to the Marshall offer, no action will be taken to amend the Anglo-U.S. Loan Agreement, and if so, cannot that decision be reconsidered in view of the urgency of the matter and the very great public anxiety that there should be a revision of that Agreement?

Mr. Glenvil Hall

The urgency, of course, is well realised. We have had a Debate this week in this House on this matter, but I cannot add to what I have said already.

Colonel Crosthwaite-Eyre

Is the Financial Secretary aware that on this question the American Government have already said that they are not ready to accept any modification, and will not this have a grave effect on whatever cuts have to be made in our import programme?