§ Mr. Maurice Macmillanasked the Chancellor of the Exchequer if, in view of the advantages of increasing London's importance as an international financial centre, he will take steps to assist endeavours of London banks to establish in London a clearing house for dollar transactions and a clearing house for transactions in Euro-Bonds.
§ Mr. Harold LeverA possible clearing house for dollar transactions would be purely a matter of convenience and is currently under study by the banks. It is unlikely to require any direct help from the Government, and I hope satisfactory arrangements for the scheme will prove possible.
The Government welcomes the proposed establishment of a Euro-bond clearing house in London and a special 234W tax arrangement is being made to facilitate this.