§ 19. Mr. Hamlingasked the Chancellor of the Exchequer what steps he proposes to take to prevent United Kingdom residents and business undertakings from obtaining supplies of foreign currencies in advance of legitimate needs during periods of pressure on sterling.
§ Mr. CallaghanUnder existing Exchange Control rules, residents may acquire spot exchange only on production of documentary evidence that the amount is properly due. They may enter into forward purchases of foreign currency only where there is a firm commercial contract involving a commitment expressed in 1097 foreign currency and due to be settled within six months. These rules are consistent with the normal practices of trade. I have no present intention of altering them.