§ 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 310 policies the Government are carrying out are showing success even in this sector?