Capital Movement (European Community)

HC Deb 08 May 1975 vol 891 cc512-3W

Mr. Spearing

asked the Chancellor of the Exchequer what derogation or modification Her Majesty's Government have obtained in respect of that part of Article 3 of the Treaty of Rome concerning free movement of capital between member States.

Mr. Dell

The Treaty of Rome provisions concerning free movement of capital were modified for the United Kingdom by Article 124 of the Treaty of Accession. We have invoked the balance of payments safeguards in Articles 108 and 109 of the Treaty of Rome in respect of the liberalisation of outward direct investment to the EEC, so as to continue our existing exchange controls beyond the end of 1974.