§ Mr. Denzil Davies
asked the Chancellor of the Exchequer how, pursuant to his reply of 26 October to the right hon. Member for Llanelli, the Treasury was able to monitor the effects of his earlier relaxation of exchange controls if, following that relaxation, information was not available to the Government of the total value of applications for permission to export the £ sterling at the official rate.
§ Mr. Lawson
Information was available on the value of those applications for official exchange, mainly relating to direct investment, which still had to be made to the Bank of England: and we had some information on certain other flows from returns to the Bank during the period. But this did not enable us to measure at all precisely the effects of the earlier relaxations, since other factors also would have been at work.