§ 36. Mr. Cronin
asked the Chancellor of the Exchequer if he will take steps to reduce the differential between short-term interest rates in London on the one hand and New York and other foreign financial centres on the other.
I am not prepared to make any forecast of possible changes in short-term interest rates, here or abroad.
§ Mr. Cronin
I sympathise with the taciturnity of the Chancellor about interest rates under present circumstances. Will the right hon. Gentleman bear in mind that this differential is causing a lot of "hot" money to enter the country, which will result in a good deal of embarrassment if and when sterling runs into future difficulties?