HC Deb 26 April 1972 vol 835 c320W
Mr. John Hall

asked the Chancellor of the Exchequer whether the United Kingdom will participate in the European Economic Community scheme for narrowing exchange margins which started on 24th April.

Mr. Nott

The United Kingdom will participate in this scheme as soon as the necessary communications network has been installed, which I hope will be by 1st May. Under the scheme the central banks of the participating countries will ensure that the spot exchange rate of each participating currency against any other participating currency does not diverge by more than 2¼ per cent. from its parity cross-rate against that currency.