§ Mr. David Howellasked the Chancellor of the Exchequer what plans he now has to alter the regulations governing the investment dollar premium; and whether he will make a statement of Government policy in the light of the EEC Council's directive that the movement of portfolio investment within the Community be liberalised from January 1978.
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§ Mr. Robert SheldonCouncil directives on capital movements of 1960 and 1962 liberalised a wide range of transactions within the EEC. Article 124 of the Treaty of Accession provides the United Kingdom with a staged transition to this régime. It is the last stage of this transition, in respect of portfolio investment, that will be reached on 1st January 1978. Government policy in this respect will be reviewed in the light of the economic situation nearer that date. Accordingly, the investment currency rules continue in force.