§ 2.42 p.m.
§ Lord HALEMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
The Question was as follows:
To ask Her Majesty's Government whether they will make a fuller Statement of the financial result of operations by the Bank of England 1882 to prevent the floating pound from submerging and of the Bank's total losses and recoupments each year since the pound sterling was floated.
§ Lord JACQUESMy Lords, it is not the practice to comment in detail on official intervention in the Exchange Market.
§ Lord HALEMy Lords, although I accept that Answer, the fact is that every individual outside this House has for the past ten days been commenting ad nauseam and ad lib on all these matters. As this Question was directed to the lack of information which started with a misunderstanding—probably wholly unjust—about a High Commissioner in Nigeria and caused the crisis of selling which meant that the Government of France blamed us for our operations—
§ Lord HALEMy Lords, is the noble Lord now aware that in view of the events of last week—the reassurance from all the pundits that the pound is now undervalued by about 3 per cent. or 4 per cent. and may take a little time to recover; the magnificent statement issued this morning by the Arbitration Board on Worker Co-operation, the slight upturn this morning in the value of the pound, and the admirable Budget—I have no further desire to press the Question?
§ Lord JACQUESMy Lords, my noble friend has said nothing with which I would disagree.