HL Deb 15 March 1971 vol 316 c243
LORD SELSDON

My Lords, I beg leave to ask the second Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask Her Majesty's Government whether they will give consideration to the abolition of all stamp duties relating to foreign currency transactions.]

EARL JELLICOE

My Lords, I will draw the attention of my right honourable friend the Chancellor of the Exchequer to the noble Lord's suggestion.

LORD SELSDON

I am most grateful to my noble friend. May I first ask how much the Treasury receive from these stamp duties; and, secondly, whether he would not agree that their abolition might remove an irritation likely to cause problems and unnecessary expense in business. I raise this Question as I share with him the view that London is already becoming the financial centre of Europe.

EARL JELLICOE

In answer to the first supplementary, I am afraid that I am not able to give the noble Lord a figure solely related to foreign currency transactions. On his second supplementary, I take the point: I think he has a point. But in any event I will draw the attention of my right honourable friend the Chancellor of the Exchequer to what the noble Lord has said, though he must recognise that any change in the law is a matter for the Budget, which is something I cannot possibly anticipate.