HC Deb 14 November 1961 vol 649 cc175-7
19. Mr. du Cann

asked the Chancellor of the Exchequer what consideration he has given to the proposal to introduce a decimal currency system in the United Kingdom.

Mr. Selwyn Lloyd

I still hope to make a statement before the end of the year.

Mr. du Cann

Does not my right hon. and learned Friend agree that this matter is now becoming one of urgency in view of Britain's possible entry into the Common Market and the fact that we shall very soon be the only Commonwealth country with an outmoded system of currency? Is he able to say whether he himself is coming down in favour of the idea of decimal currency? Will he say what consultation there has been with the Commonwealth, because it seems to many people that this is very much a Commonwealth matter? As the matter has been under consideration by successive Governments ever since 1799, can my right hon. and learned Friend say definitely that we may expect a statement before very long?

Mr. Lloyd

In view of the length of time which my hon. Friend says the matter has been under consideration, perhaps he will not grudge me another month or two. I still hope to make a statement before the end of the year. With regard to Commonwealth consultation, I discussed this matter with the Finance Ministers of Australia and New Zealand when I met them in Accra earlier this year. I am afraid that I have nothing more to add to what I have said.

Mr. Chetwynd

Has the Chancellor made any estimate of the possible cost of the change-over? Even if it is a large sum, will he bear in mind that the consequent saving would outweigh the cost?

Mr. Lloyd

I am certainly very well aware of the consideration which the hon. Gentleman has in mind, but I do not think I will pledge myself to figures today.

Mr. J. T. Price

While there is plenty in the arguments about the merits of decimal coinage, does not the Chancellor agree that if the country continues to be in the red because of the bankrupt policies of the Government it will make no difference whether we divide a certain figure by 12 or 10?

Mr. Lloyd

I must leave the hon. Member to work that out for himself.

Mr. Biggs-Davison

Since my right hon. and learned Friend has said that he has discussed the matter with two Commonwealth Finance Ministers, would he not agree that this is a suitable proposal for discussion within the Commonwealth Economic Consultative Council?

Mr. Lloyd

A great number of members of the Commonwealth have already adopted the decimal system. I discussed the matter with two which have not yet adopted it.

Mr. Rankin

Will adoption of the decimal coinage system be a condition for our entry into the Common Market?

Mr. Lloyd

I do not think that any such condition has ever been stated.