§ 42. Mr. Ron Thomasasked the Chancellor of the Exchequer if he will list the statutory responsibilities falling either on himself or the Bank of England in relation to intervention in the international money markets to support the £ sterling.
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§ Mr. Joel BarnettSection 24(3) of the Finance Act 1932 as amended by Section 63(1) of the Finance Act 1945 authorises the use of the Exchange Equalisation Account for the purpose of checking undue fluctuations in the exchange rate of sterling. Section 24(1) of the Finance Act 1932, which set up the Exchange Equalisation Account, states that it shall be under the control of the Treasury.
§ Mr. Staintonasked the Chancellor of the Exchequer what has been the cost to the Government or any agency thereof during each week in June 1975, and subsequently, incurred in supporting sterling in the foreign exchange markets whether by depletion of reserves, swap arrangements or otherwise.