§ Mr. Blakerasked the Chancellor of the Exchequer what controls exist over capital outflows to the other member countries of the EEC; and when they were imposed.
§ Mr. DellCapital movements to all countries outside the scheduled territories are controlled under the Exchange Control Act 1947. The controls are now the same for Common Market countries as for all other countries outside the scheduled territories with the minor exception of limited concessions for personal capital transfers so as not to inhibit the free movement of labour. Changes to these controls have been made from time to time. Most recently my right hon. Friend withdrew in his Budget in March 1974 the concession which allowed £1 million of official exchange per project per year for direct investment in Common Market countries.