§ Mr. David Howellasked the Chancellor of the Exchequer whether changes in the present system of exchange controls are required and planned as a result of transition to full EEC membership; and, if so, if he will give details of what alterations are required and by what dates.
§ Mr. Robert SheldonThe only transitional arrangements affecting exchange control are those in respect of capital movements contained in Article 124 of the Treaty of Accession. The last stage of transition, affecting the liberalisation of portfolio investments by United Kingdom residents, will be reached on 1st January 1978. In respect of most of the capital movement obligations that have already matured, the United Kingdom has been authorised under Article 108 of the EEC Treaty to maintain existing restrictions.