§ 72. Mr. Kenneth Lewisasked the Chancellor of the Exchequer whether he will take steps to see that no sterling above the £50 limit gets into Spain via Gibraltar.
§ Mr. DiamondExchange control procedure in Gibraltar follows United Kingdom practice. I understand that the Gibraltar Government imposes the £50 limit on the provision of foreign exchange for travel and takes all possible steps to ensure that United Kingdom exchange control restrictions are implemented.
§ Mr. Hobdenasked the Chancellor of the Exchequer what information he has, in view of the restrictions on the foreign travel allowance outside the sterling area, regarding reprisal action being taken by other countries.
§ Mr. CallaghanNone.
§ Mr. Hobdenasked the Chancellor of the Exchequer what will be the estimated currency savings as a result of the financial restrictions on travel abroad outside the sterling area during the first 12 months of its operation.
§ Mr. DiamondAs my right hon. Friend the Prime Minister indicated in his Statement on 20th July, the savings in foreign currency from this and the other exchange control measures are expected to be £50 million a year.