HC Deb 28 January 1969 vol 776 c1079
3. Mr. Ridley

asked the Chancellor of the Exchequer if he will now float the £.

The Chancellor of the Exchequer (Mr. Roy Jenkins)

No, Sir.

Mr. Ridley

Do not we seem to be in a period when exchange rates are constantly coming under pressure? Rather than trying to adjust these by taking it out on the British people by savage taxation and deflation, would it not be better to let currencies find their own levels?

Mr. Jenkins

Apart from the fact that it would be contrary to our obligations under the I.M.F. articles of agreement, I do not think that it would have the beneficial consequences which the hon. Gentleman suggests.