§ Mr. Hoyleasked the Chancellor of the Exchequer, in view of Her Majesty's Government's policy on the parity of the £ sterling, why the £ sterling was allowed to fall below $2 on 30th March 1976, with no attempts being made to hold it at these levels; and what new consultation took place about these matter.
§ Mr. HealeyThe pound fell below $2 on 5th March not 30th March. It is not the practice to publish details of exchange market policy or the scale of day-to-day intervention. I always keep in close touch as necessary with ministerial colleagues and others concerned with these matters.