§ 83. Mr. Cantasked the Chancellor of the Exchequer what was the net cost to the reserves of the new Bank of England policy of forward intervention in the foreign exchange market between October, 1964 and October, 1966; whether he is satisfied with the effectiveness of this policy; and if he will institute an official inquiry.
§ Mr. CallaghanThe Bank of England has operated effectively in the forward market on behalf of the Exchange Equalisation Account, not to the cost, but to the benefit of the reserves.