HC Deb 21 March 1961 vol 637 c31W
64. Mr. C. Osborne

asked the Chancellor of the Exchequer, since hot money is an embarrassment to Governments who receive it, because of its sudden out-flow when economic difficulties arise, if he will consult with the Governments in Washington, Amsterdam, Zurich and Bonn, about the possibility of reaching an agreed definition of hot money, and the adoption of a common policy to pay no interest on such temporary deposits, and so reduce the attraction for idle international funds to flow from one centre to another; if he will take further steps to secure a common policy of low interest money rates in these centres; and if he will make a statement.

Mr. Selwyn Lloyd

I think that the answers to my hon. Friend's previous Questions on 22nd November and 15th December last year and 28th February this year have made clear the difficulties of adopting the sort of policy he has in mind.

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