§ 35. Mr. Leatherasked the Chancellor of the Exchequer if he will consider removing the upper limit on fluctuations in the sterling-dollar exchange rate.
§ Mr. MaudlingI have nothing to add to previous statements of Government policy on this subject.
§ Mr. LeatherWould not my right hon. Friend agree that the short-term advantages of removing the ceiling are clearly established while the long-term advantages are evenly balanced? That being so, would he not agree that it is time that a little fresh wind blew through the Treasury in these matters?
§ Mr. MaudlingI do not think the Treasury, any more than any Government Department, is entirely free of draughts. The last Government statement on this matter was to the effect that we intend to maintain the existing exchange rate parity at 2.80 dollars to the £, and the Government do not intend to allow the margin to widen. I cannot add anything to that statement.