HC Deb 25 April 1972 vol 835 c1259
8. Mr. Dykes

asked the Chancellor of the Exchequer if he will now reconsider the abolition of the 25 per cent. surrender in force for transactions in the premium dollar currency pool.

Mr. Patrick Jenkin

I have nothing to add to the answer given to my hon. Friend's Question on this subject on 25th January, 1972.—[Vol. 829, c. 360.]

Mr. Dykes

I appreciate that it is still close to the Budget, but does not my hon. Friend agree that that is a very disappointing reply and that many people had hoped that by now what is really an anachronistic hangover from the Labour Government's financial crises could now be scrapped? Voluntary restraint restrictions have already been eased, and Continental investors in all the member countries of the EEC can invest in this country without exchange control impediments. Will my hon. Friend look at the matter again?

Mr. Jenkin

My hon. Friend keeps this and other matters under regular review. While the balance of payments is strong, he felt it right to take account of the prospects over the next couple of years. The priorities in relaxing the controls on overseas investment must be direct investment.

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