§ Mr. Neil Thorneasked the Chancellor of the Exchequer what is his policy towards official sterling balances.
§ Mr. Ian Stewart[pursuant to his reply, 17 December 1984, c. 64]: Following the 1977 Basle agreement official holders of sterling were asked to restrict their balances to working levels, but I have concluded that it is no longer appropriate to continue with a restriction which applies to one class of sterling holder only. This change does not imply any desire to influence the level of official balances, which will be determined by the market.