HC Deb 04 March 1969 vol 779 cc189-90
3. Mr. Maurice Macmillan

asked the Chancellor of the Exchequer by what authority British importers are not allowed to sell forward the currency of an exporting country to safeguard themselves against losses resulting from a fall in the prices of imported goods due to a devaluation of the exporting country's currency.

Mr. Harold Lever

The powers are the same as those to which I referred in my Answer to a similar Question from the hon. Member on 21st January.—[Vol. 776. c. 238–9.]

Mr. Macmillan

Will the hon. Gentleman consider encouraging this practice, since it is the equivalent of buying sterling forward and it is therefore very helpful in protecting the reserves?

Mr. Lever

We encourage, as far as it is necessary, United Kingdom traders to buy or sell forward currency in respect of their firm obligations in those currencies.