§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether, under the present rules and regulations of the European Economic Community, it will be possible for him, on Great Britain's entry into the Common Market, to take action to prevent leakages on capital from the United Kingdom to third countries, when the restrictions on portfolio investment to Common Market countries are removed; and how these regulations will operate.
§ Mr. HigginsYes the Treaty of Rome—Article 70—provides for appropriate measures to be taken. Detailed arrangements will be announced nearer the time they are required. This could be over five years away yet.
§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether, on Great Britain's entry into the European 156W Economic Community, under the present rules and regulations Her Majesty's Government will still be entitled and able to devalue the £or let it float up or down, without reference to the European Economic Community.
§ Mr. NottCurrency parities are commonly recognised as matters of international concern, for example under the Articles of Agreement of the I.M.F. and under Article 107 of the Treaty of Rome. But there is, and will be, no restriction on the United Kingdom's ultimate right to determine the sterling parity.