§ 13. Mr. F. M. Bennettasked the Chancellor of the Exchequer whether, in view of the still continuing loss of foreign currency earnings and the long-term damage to London as an international financial centre, he will now reconsider his previous refusals to allow again the use of foreign importers' drafts.
Mr. AmoryI regret that I cannot add anything to the reply I gave to my hon. Friend on 2nd February.
§ Mr. BennettDoes the Chancellor recall that on that date—now some months ago—he said that he had in mind the possibility of making this change back to what the situation was before the last crisis? Can he therefore give any indication whether what he has in mind will be translated into action? Secondly, has he had any expert advice—including advice from the Bank of England—which supports him in his attitude?
Mr. AmoryResponsibility here is clearly mine. To follow the course recommended by my hon. Friend would lead to a deferment of foreign exchange receipts by the United Kingdom, and that consideration at present outweighs the comparatively small additional earnings that would accrue.