HC Deb 16 May 1957 vol 570 cc553-4
17. Major Wall

asked the Chancellor of the Exchequer if he is aware that the bank accounts held in this country of British subjects previously resident in Egypt are still blocked; and if he will take steps to see that these people are allowed to use their own money to purchase houses or set up businesses in Great Britain.

The Financial Secretary to the Treasury (Mr. J. Enoch Powell)

I assume that my hon. and gallant Friend refers to those British subjects from Egypt who have not yet asked for re-designation as United Kingdom residents for exchange control purposes. Technically they must continue to be regarded as residents of Egypt, but I can assure him that all applications from them are sympathetically considered. For example, the release of funds for house purchase would normally be granted.

Major Wall

Whilst thanking my hon. Friend for that helpful reply, will he confirm that the £100 limit does not apply where somebody wants to set himself up in a new house or a new business in this country?

Mr. Powell

Yes, Sir. The £100 limit is only the limit of the sum beyond which applications for release must be made to the Bank of England.

Mr. Stokes

Is the Minister aware that sympathetic consideration does not take these people very far? Is he further aware of the fact that same of them have been told that their credits in this country, if their credits in Egypt have been confiscated by Nasser, must be held in this country at the disposal of Nasser? Surely that is both ridiculous and unjust?

Mr. Powell

If the right hon. Gentleman is referring to the same question as this one and has any case he wants to bring to my attention, I will gladly look at it.