§ Mr. Higgins
asked the Chancellor of the Exchequer what present and future obligations Great Britain has to the EEC with regard to freedom of capital movements and changes in exchange control; when these next require changes to be made; and if he will give an assurance that action will be taken on time.
§ Mr. Joel Barnett
, pursuant to his reply [Official Report, 7th Nov. 1977, Vol. 938, c. 35–36], supplied the following information:
The extent to which capital movements are liberalised under the provisions of the EEC Treaty is set out in the Directives on Capital Movements of 11th May 1960 (Official Journal No. 43 12.7.1960, p. 921 /60) and 18th December 1962 (Official Journal No. 9 21.1.1963, p. 62/63). For the extent to which these directives operate in the United Kingdom I refer to the answer given to the hon. Member for Nantwich (Mr. Cockcroft) on 26th October—[Vol. 936, c. 666]. The United Kingdom is due to become subject to the last of these obligations on 1st January 1978. The question of timing will be covered in discussions now proceeding with the EEC Commission.