§ 6. Sir R. Boothbyasked the Chancellor of the Exchequer whether he will give an estimate of the effect of the recent rise in Bank Rate upon the balance of payments and the exchange value of sterling.
§ The Economic Secretary to the Treasury (Mr. R. Maudling)My hon. Friend will realise that it is impossible to give such an estimate in terms of figures, but my right hon. Friend is satisfied with the results to date, which are in line with his expectations. He will continue to watch very closely the full effects of the movement which will take some time to become clear.
Mr. FoliickCan the hon. Gentleman inform the House whether the raising of the Bank Rate has had the success anticipated in bringing foreign money into the country for investment?
§ Mr. MaudlingI said that so far the results have been in line with the expectations of my right hon. Friend. I cannot go further than that.