HC Deb 26 January 1971 vol 810 cc309-10
19. Mr. Costain

asked the Chancellor of the Exchequer to what he attributes the foreign currency transactions of United Kingdom banks that resulted in a net currency outflow in the third quarter of 1970.

Mr. Patrick Jenkin

I cannot give precise explanations for the activities of the banks. However, interest rate comparisons were generally unfavourable to sterling in this period.

Mr. Costain

Again, does my hon. Friend appreciate that the long-term policies the Government are carrying out are showing success even in this sector?

Mr. Jenkin

I hope that all the Government's policies will show long-term success.