§ 31. Mr. Dalyellasked the Chancellor of the Exchequer what has been the effect on the economy of the removal of exchange controls.
§ Sir Geoffrey HoweCapital outflows in the second half of 1979 as a result of the relaxation and subsequent removal of exchange controls probably totalled about £2 billion. These capital flows were more than offset over the same period by overseas purchases of sterling assets. It is too soon, however, to quantify the broader economic effects of the abolition of exchange controls.