§ Mr. Duffyasked the Chancellor of the Exchequer whether he is aware that United Kingdom silver alloy coins are being purchased at a premium over face value, but below silver value, for export to EEC countries for melting down; and what action he proposes to take.
§ Dr. GilbertThis trade, which has developed in recent months following a steep rise in the price of silver, is against the interests of the British taxpayer, on whose behalf the Royal Mint has for many years operated a silver recovery programme. I have arranged with the Department of Trade for the issue of an amended open general licence the effect of which, from Monday 15th July, will he that the export of these coins to EEC countries in quantities of more than 10 will be subject to individual export licence, as is already the case for the export of the coins to all other destinations.