HC Deb 02 February 1956 vol 548 cc1073-4
38. Mr. Warbey

asked the Chancellor of the Exchequer what steps he proposes to take to close the dollar gap.

49. Mr. Jay

asked the Chancellor of the Exchequer how soon he hopes to announce new measures for strengthening the United Kingdom balance of payments.

Sir E. Boyle

I have nothing to add to the reply given by my right hon. Friend to the hon. Member for Orkney and Shetland (Mr. Grimond) on 24th January, 1956.

Mr. Warbey

Does the hon. Gentleman appreciate that the dollar gap, whatever it is, is a frightening one and is widening, and that urgent steps are required to deal with it? When will his Department get away from the laissez fairenotions of the previous Chancellor of the Exchequer and get down to the necessity of restrictive controls on inessential dollar imports?

Sir E. Boyle

This is by no means the first time that the hon. Member has asked me that question. I hope I may have a chance of debating it with him on some future occasion.

Mr. Jay

If the hon. Gentleman thought he was answering my Question, may I ask him this? Does he realise that all this continued uncertainty is damaging to sterling; and as the present Chancellor of the Exchequer has now been in office for about six weeks, can the hon. Gentleman say how soon he will make up his mind about something?

Sir E. Boyle

I have nothing to add to what I previously said, but I think that my right hon. Friend's clear statement about the Government's firm intention to maintain the existing parity of the £has done nothing but good towards confidence in sterling.

Mr. Jay

What action is to be taken to correct the deficit in the balance of payments. That is what I asked.