HC Deb 30 January 1968 vol 757 cc1084-6
Q1. Mr. Marten

asked the Prime Minister if he will arrange to attend the next meeting of the International Monetary Fund when it reviews the United Kingdom economy.

Q3. Mr. Bruce-Gardyne

asked the Prime Minister what plans he has for meeting the Managing Director and officials of the International Monetary Fund during his visit to Washington.

The Prime Minister (Mr. Harold Wilson)

"No" and "None for formal meetings", respectively, Sir.

Mr. Marten

Since the right hon. Gentleman has been directly concerned since last August with the economic affairs of this country, and in view of his close connection with the Chancellor of the Exchequer in the recent measures, would it not add to the credibility of the economic programme which the Government recently outlined if the Prime Minister himself attend to explain the effectiveness of the Socialist policies to our creditors in the I.M.F.?

The Prime Minister

It is obvious that the hon. Gentleman does not have much idea of how I.M.F. operations are carried out. There will be talks in February between members of the staff of the I.M.F. and officials of Government Departments; and probably my right hon. Friend will see the head of the I.M.F. Mission while he is in London.

Mr. Bruce-Gardyne

Will the right hon. Gentleman think again about his Answer in the light of the Lord President's speech on Sunday because, if devaluation was a giant stride along the road to the fulfilment of the British Socialist mission, should he not, when visiting Washington, out of sheer courtesy tell those who are responsible for the management of our economy what further giant strides he is proposing?

The Prime Minister

Neither the I.M.F. nor anyone else in Washington is responsible for the management of our economy. It is not unusual, when there are visits by senior Ministers to Washington, that among those invited to the embassy for a chat with a visiting Minister are representatives of leading international organisations, including the I.M.F. I have myself met Mr. Schweitzer on that basis and no doubt I shall do so again. He is perfectly capable of understanding and reading my right hon. Friend's speech.

Mr. Park

Is the Prime Minister aware that many of us are becoming considerably irritated by the way in which Her Majesty's Government appear to accept advice and policy prescriptions from the I.M.F. and private international bankers rather than from hon. Members who have been elected to this House? Is he further aware that if this impression is allowed to continue Parliamentary democracy itself will be the victim?

The Prime Minister

I think the irritation from which my hon. Friend is suffering arises from the way in which he looks at these things. It is not based al: all on the facts. Following the recent very full statement on economic measures which I announced from this Box, the Press asked the directors of the Fund what they thought about it and they said that it was a matter for us and not for them.

Sir C. Osborne

Will the Prime Minister consider laying in this House a copy of the report which he is obliged to submit to the I.M.F. for their approval so that the House may be informed that the economy measures have the approval of the I.M.F.?

The Prime Minister

After the many debates on the I.M.F. and on the economy in this Session, I do not think any hon. Member has any lack of knowing the economic facts. Indeed, we have voted on them. In regard to the question of a report, as I have said, talks are held in London and then it is for the I.M.F. officials to go back to report on them.

Mr. Dickens

Will the Prime Minister give an assurance now that Mr. Schweitzer and the I.M.F. will not be consulted on the Chancellor's Budget proposals before they are put before this House on 19th March?

The Prime Minister

I have never known the I.M.F. to be consulted about any proposals in a Budget of any Chancellor, nor would it be. On the Letter of Intent, which speaks for itself, my hon. Friend will find exactly the extent of the obligation we have, which does not involve seeking permission for internal matters, whether they are budgetary or otherwise.