HC Deb 31 January 1956 vol 548 c755
48. Mr. H. Wilson

asked the Chancellor of the Exchequer if he has any statement to make about his intentions regarding the maintenance of the exchange value of sterling.

Mr. H. Macmillan

I have nothing to add to the reply given to my hon. Friend, the Member for Louth (Mr. Osborne) on Thursday, 26th January, 1956.

Mr. Wilson

Is the right hon. Gentleman aware that a number of financial journals and financial opinion generally have been waiting for him to repeat from his own lips the statement made by his predecessor at Istanbul on 12th September last? Is he further aware that whatever differences there may be in the House about steps necessary to achieve that object—and there are very big differences —all parties in the House are determined that necessary steps shall be taken to keep sterling strong?

Mr. Macmillan

Yes, and I am grateful to the right hon. Member for giving me a further opportunity. It may perhaps be useful to repeat the actual words of my right hon. Friend. He said that it has been and will continue to be the maintenance of exchange parity of 2.80 dollars to the £ either in existing circumstances or when sterling is convertible. He added: In the long run this must depend on our efforts and nothing else can replace these.