§ Mr. Beaumont-Darkasked the Chancellor of the Exchequer if he has plans to abolish exchange control regulations, so as to help match the increased overseas investment coming into the United Kingdom.
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§ Sir Geoffrey Howe, pursuant to his reply [Official Report, 2 July 1979], gave the following answer:
I announced very substantial relaxations to the exchange controls, and particularly to the controls on outward direct investment, in my Budget Statement on 12 June. As I said then, I intend as time goes by to take further steps in the progressive dismantling of these controls, but the pace of relaxation must be influenced by the strength of sterling as well as by the speed with which our economic problems can be solved.