§ 30. Mr. Roy Jenkinsasked the Chancellor of the Exchequer what was the purpose of freeing the import of £ notes into this country.
Mr. AmoryThis relaxation will reduce controls at the ports, ease one of the problems of visitors to this country, enable Her Majesty's Government to meet a request of the O.E.E.C., and strengthen the position of sterling generally.
§ Mr. JenkinsDoes the Chancellor really think that at a time when our foreign exchange position is still basically so delicate that we cannot afford any expansion at home, despite our healthy balance of payments position, he ought further to relax the exchange controls in any degree?
Mr. AmoryI repeat what I said earlier in answer to another Question. One must look at the net advantage in these matters rather broadly. I am quite satisfied so far that the step which was taken strengthened sterling and did not weaken it, in the short term at least.
§ Mr. F. M. BennettDoes my right hon. Friend realise, in confirmation of what he has said, that the present system is infinitely better than what obtained before, when £ notes were not allowed to be brought into this country and were circulating at a discount all over the Continent, which had a bad effect on sterling generally?