HC Deb 02 August 1976 vol 916 cc599-600W
Mr. Sillars

asked the Chancellor of the Exchequer what evidence he has that the latest cuts in public expenditure have improved international confidence in sterling.

Mr. Robert Sheldon

Market anticipation of the recent public expenditure cuts probably helped to foster the calmer conditions in the foreign exchange markets over recent weeks, and these have been sustained subsequently.