§ The change in our financial situation also makes possible some adjustments in exchange control. First, I am making certain changes intended to help maintain or increase the overseas earnings of the financial services sector. For this purpose I am relaxing somewhat the rules governing the amounts which insurance companies, banks and merchants are allowed to retain in foreign currency for the purpose of their businesses.
§ Secondly, I am further liberalising the rules permitting non-resident controlled manufacturing companies to borrow sterling for investment in their business in the United Kingdom.
§ Thirdly, I have decided to relate more closely to current money values the rules governing travel abroad, cash gifts and the basic allowances for emigrants. For example, the foreign currency facilities which can be obtained from authorised sources without reference to the Bank of England are being increased from £300 to £500 per journey for holiday travel and from £75 to £100 a day within a £3,000 maximum for business journeys. Details are contained in a Treasury Press notice which is being issued today.