§ 2. Mr. St. John-Stevas
asked the Chancellor of the Exchequer what steps he proposes to take to reduce the present inflated dollar premium.
§ The Chancellor of the Exchequer (Mr. James Callaghan)
I have no statement to make on this matter.
§ Mr. St. John-Stevas
Since the dollar premium is now at a fantastic level of nearly 18 per cent., thanks to the actions taken by the Chancellor last April, would he now be gracious enough to do something to help the investor who has to pay the equivalent of a 5 per cent. capital levy when he realises dollar investments?
§ Mr. Callaghan
This is a way in which an investor overseas can do something to help the official exchange reserves. He is doing so, and I am very grateful to him for doing it.