§ 36. Mr. Croninasked 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.
Mr. AmoryI am not prepared to make any forecast of possible changes in short-term interest rates, here or abroad.
§ Mr. CroninI 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?