§ Mr. Stoddartasked the Chancellor of the Exchequer whether he intends to allow the free movement of capital for direct investment in other EEC countries by 1st January 1975 as provided for in the Treaty of Accession.
§ Mr. DellNo. The balance of payments situation would not warrant full or even partial liberalisation of these capital movements at the present time. My right hon. Friend intends to maintain existing exchange control rules in full force. The balance of payments safeguard provisions in the Treaty of Rome are being invoked, as they were in relation to exchange control measures in the March Budget. The Commission of the European Communities and the other 217W members of the EEC have been informed of our intentions.