§ 11. Dr. Gilbertasked the Chancellor of the Exchequer if he will make a statement about the present status of the Basle agreements.
§ Mr. NottAs has already been indicated, my right hon. Friend is consulting with the Governments concerned about the implications of recent United Kingdom measures for the agreements.
§ Dr. GilbertHave any overseas sterling area countries failed to maintain minimum sterling balances in proportion to their reserves as agreed in September, 1968? Will the hon. Gentleman indicate how these discussions are going with Australia and New Zealand, for example, in view of the serious further exchange restrictions which have been imposed by the Government?
§ Mr. NottIt is not right that the situation is as serious as the hon. Gentleman suggests. The only new arrangements are in respect of portfolio investment overseas. The talks with the sterling area countries are proceeding, but, as the hon. Gentleman is aware, it would not be normal to give the House details of confidential discussions.