§ EARL MANVERSasked His Majesty's Government whether, since 10th May, 1950, when a Question was asked, any change has taken place in the financial position at Tangier; whether they are aware that a keen desire still exists that His Majesty's Government should grant a tourist allowance and facilitate funds to British subjects wishing to settle in Tangier for the years of their retirement; and whether a sum limited (say) to £50,000 a year for tourists and new residents could not be granted without doing serious damage to the exchange position.
THE FIRST LORD OF THE ADMIRALTY (LORD PAKENHAM)Although the rate for sterling quoted in the Tangier free market has improved since May, 1950, it is still desirable to restrict the amount of sterling available in this market, and His Majesty's Government regret that they remain unable to grant a tourist allowance for Tangier, even if this were subject to an overall limit, to which there are, in any case, considerable practical objections.
Funds are already available for United Kingdom and Colonial residents to emigrate to Tangier. An emigrant may transfer £1,000 during the first four years there plus an extra £250 for each dependent up to four. Thereafter he would be able to transfer the whole of his current income arising in the United Kingdom or Colonies, including pension. There is no limit to the number of emigrants who may transfer funds within these amounts, which are the same for Tangier as for other countries outside the Sterling Area with the exception of countries which are members of the European Payments Union.
House adjourned at a quarter past eleven o'clock.