HC Deb 31 October 1979 vol 972 c527W
Mr. Denzil Davies

asked the Chancellor of the Exchequer, in view of the abolition of exchange controls, how the Government propose to monitor capital movements in order to arrive at the balance for official financing.

Mr. Lawson

The abolition of exchange controls will make no difference to the information available on the balance for official financing itself, as that is derived by adding the data on official financing transactions, all of which are known to Her Majesty's Government. These are the transactions shown "below the line" in the balance of payments accounts. However, there will be less information available that hitherto about certain types of current and capital account transactions which contribute to the balance for official financing—transactions shown "above the line". Discussions are being undertaken to consider how the loss of statistical information from exchange control sources can be made good.