HC Deb 27 February 1958 vol 583 cc523-4
20. Mr. Lipton

asked the President of the Board of Trade what action he is taking to reduce unnecessary dollar imports.

Sir D. Eccles

It is not proposed to intensify the existing restrictions on the import of dollar goods.

Mr. Lipton

Has the President of the Board of Trade taken note of the fact that yesterday the£dropped as a result of the selling of sterling for dollars? Is it not a fact that, despite the high Bank Rate and the other steps taken by the Government, they are failing to stem the dollar drain; and that, unless we do something about it, the Government will find themselves defaulting on the dollar loan for the third time, simply because the dollars are not there?

Sir D. Eccles

The Government's financial measures have already strengthened the£, and I do not think that action against the United States at this time would be effective in improving our foreign exchange position.

Mr. Nabarro

Would not my right hon. Friend agree that, notwithstanding the American recession, British exports to the United States are still running at a very high level; and is it not a fact that action taken here to restrict American imports into this country would lead at once to a decline in our sales to North America?

Sir D. Eccles

Yes, but, of course, we want the Americans also to help us to sell to them.