§ 17. Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what was the proportion of dollars held in the United Kingdom gold and foreign currency reserves at the end of each of the last five calendar years, and at the latest date for which figures are available.
§ Mr. HigginsThe amount of dollars, or of any other convertible currency held in the United Kingdom reserves, is not published separately.
§ Mr. Bruce-GardyneBut is it not a fact that dollars and other foreign currencies now exceed gold holdings by about 75 per cent., and is this not a totally unprecedented situation? Is it not evident that the Bank of England is positively awash with dollars, and is it not inevitable that this will complicate greatly the problem of controlling the domestic money supply?
§ Mr. HigginsAs I have said, it is not usual to give figures for the amount of specific currencies held in the exchange equalisation account, which it is generally recognised, as my hon. Friend knows, is kept confidential.