§ 8. Mr. Biffenasked the Chancellor of the Exchequer what proposals he has to relax restrictions on overseas direct investment in the light of the recent balance of trade figures.
§ Mr. DiamondI have nothing to add to the Answer I gave on 10th February to a similar Question by the hon. Member for Horsham (Mr. Hordern).—[Vol. 795, c. 303.]
§ Mr. BiffenIs the right hon. Gentleman aware that the recent improvement in the trade figures gives immense satisfaction, particularly to those of us who hope eventually to dismantle exchange control? In view of the undertaking given in the Letter of Intent to the International Monetary Fund, can the right hon. Gentleman say what priority the Government give to a relaxation in present controls over capital movements?
§ Mr. DiamondI do not know that I can answer in precisely those terms. I remind the hon. Member that my right hon. Friend takes the view that priority must be given to repayment of our external debts.