§ 6. Mr. Bruce-Gardyneasked the Chancellor of the Exchequer if he will make a further statement on the outcome of his discussions with the Swiss banks regarding evasion of United Kingdom exchange controls.
§ Mr. TaverneI assume that the hon. Member is referring to the discussions between the Governor of the Bank of England and the President of the Swiss National Bank, after which Dr. Stopper subsequently wrote to the Swiss banks on this matter. I hope this will prevent any recurrence of recent difficulties.
§ Mr. Bruce-GardyneWas there not something a little unedifying about sending the Governor of the Bank of England to drum up support among the Swiss banks to enable the Chancellor to persevere with controls on capital movements intact which he and his predecessors promised the I.M.F. they would relax?
§ Mr. TaverneThere was nothing about this as far as undertakings to the I.M.F. are concerned. What was concerned here was certain activities of the Swiss banks, about which Dr. Stopper had been approached, and he proved extremely helpful.