§ 31. Mr. Leaveyasked the Chancellor of the Exchequer, having regard to the need for British manufacturers to establish a market demand for their products in the countries of the European Economic Community, why instructions have been issued that United Kingdom companies shall not be permitted to invest their sterling resources in such countries for this purpose.
§ Mr. BarberNo such instructions have been issued.
§ Mr. LeaveyDoes my hon. Friend realise that under the regulations imposed by the Bank of England it is impossible, or virtually impossible, for English companies seeking to make industrial and other investments on the Continent to do so except under quite unreasonable terms of repayment, and that when they seek to raise money by loans from Continental sources there is evidence at least that Her Majesty's Government have brought influence to bear so that they cannot do that upon reasonable terms? Does not my hon. Friend think that we are, therefore, 557 losing valuable time in getting ourselves established on the Continent, whether or no we are in due course to enter the Common Market?
§ Mr. BarberI am not at all sure that the conclusions which my hon. Friend has drawn from the present arrangements are correct. As I pointed out in my Answer, the instructions which my hon. Friend thought had been issued have certainly not been issued. If he has a particular case in mind and would like to write to me about it, I would be happy to look into it.