HC Deb 01 March 1955 vol 537 c1877
44. Lieut.-Colonel Lipton

asked the Chancellor of the Exchequer when sterling will be made convertible.

Mr. R. A. Butler

When the conditions are ripe.

Lieut-Colonel Lipton

Is not the Chancellor aware that, by using the gold and dollars that we have in our Exchange Equalisation Account to bring up the price of transferable sterling to the official rate, he is, in effect, returning to the Gold Standard and in that way following in the unfortunate footsteps of the Prime Minister who, by returning to the Gold Standard, created a few million unemployed in this country?

Mr. Butler

The hon. and gallant Gentleman's question is a little farfetched. If we were to return to the Gold Standard as fee said, it would mean a much closer unification of the rate than is taking place at the present time. Therefore, I think that he is exaggerating the situation.