§ Mr. Gwynoro Jonesasked the Chancellor of the Exchequer what arrangements the Government propose for the official sterling balances for the period after expiry of the present guarantee arrangement at the end of this month.
§ Dr. GilbertThe present guarantee of certain official sterling balances expires at the end of March. The present six-month guarantee, introduced in September 1973, has proved to be a useful stabilising feature through a period of great uncertainty in the international financial situation. With the prospect of a further period of difficulty ahead and in the light of comments received from some 15W of the countries concerned, my right hon. Friend has decided to continue to guarantee certain official sterling holdings until the end of 1974. Details of the new arrangements are described in a Press notice being issued today by the Treasury, copies of which are available in the Vote Office.