§ Sir C. Osborneasked the Prime Minister why he did not inform Parliament that the run on sterling last April was so great that the reserves could have held out for only a few days longer; how much of the reserves were lost; how much remained; whose and what action ended the run, and so prevented devaluation; what steps he has taken to prevent this happening again; and if he will make a statement.
§ The Prime MinisterIt is not the case that there was a run on sterling so great that the reserves could have held out for only a few days longer either last April or at any other time last year. As I pointed out in my speech to the Overseas Bankers Club on 7th February, that was what was mistakenly believed in some quarters in July and August. The figures of the reserves and the assistance taken month by month have been published in the Bank of England Bulletin, a copy of which is in the Library.