§ 64. Mr. Bottomley
asked the Chancellor of the Exchequer what consultations took place with the Commonwealth countries before the decision was taken to allow the convertibility of sterling into dollars for all people outside the sterling area; and if he will make a statement.
§ Mr. Erroll
Convertibility was discussed and reaffirmed as the Commonwealth's objective at the Commonwealth Trade and Economic Conference held at Montreal last September. It was recognised, however, that the final decision on timing must rest with the United Kingdom. Commonwealth Governments were, of course, informed before the rates were unified.