HC Deb 26 July 1979 vol 971 cc420-1W
Mr. Nelson

asked the Chancellor of the Exchequer (1) what is the total manpower and cost at the Treasury and the Bank of England, respectively, engaged in supervision and regulation of exchange control;

(2) what will be the saving in manpower and costs at the Treasury and the Bank of England, respectively, as a result of the recent relaxation of exchange control.

Mr. Lawson

The Bank of England currently employs 750 staff on the administration of exchange control and the Treasury employs 24, including seven enforcement officers. For the year to 31 March 1979 the bank's expenses amounted to £13 million as against an estimate of £14 million for the current year, which was made before the recent relaxations. The cost of the Treasury staff engaged full-time on exchange control is about £300,000 per year.

As a result of the recent relaxations, the Bank of England has already saved 16 posts and hopes in due course to make further savings of up to 50 posts. I expect also to make some savings at the Treasury by about the end of the year. It is too early to say what such savings will mean in money terms. As further relaxations are made, more savings will be possible.