HC Deb 15 December 1971 vol 828 c140W
Mr. Woof

asked the Chancellor of the Exchequer what steps he proposes to take to safeguard Great Britain's balance of payments on entry into the European Economic Community when free movement of capital will prevent exchange controls being used for this purpose.

Mr. Higgins

The E.E.C. directives do not require complete freedom of capital movements and safeguards are available to any E.E.C. member who encounters serious balance of payments difficulties. The United Kingdom has agreed to make such changes to our present rules as are necessary in stages over a transitional period of five years, which will limit the initial impact on the reserves.