§ Mr. John Pageasked the Chancellor of the Exchequer whether he will publish in the OFFICIAL REPORT details of the new regulations given in the Exchange Control Notice sent out on 17th December by the Bank of England about the borrowing of foreign currency for the payment of interest on import deposits; and why Government policy on this matter has been changed since 28th November.
§ Mr. Harold LeverExchange Control permission will not normally be given to United Kingdom importers or their agents to borrow foreign currency or external sterling for the purpose of payments of import deposits.
Specific Exchange Control consent is not required for a direct payment of import deposits from a foreign source, but permission will not be given for payment of interest to non-residents by United Kingdom importers or their agents in respect of payments of deposits made on or after Wednesday, 18th December.
485WOn the second part of the Question, I have nothing to add to the answer given yesterday in answer to the Question by the right hon. Member for Leeds, North-East (Sir K. Joseph).