§ Mr. AllenTo ask the Chancellor of the Exchequer what was the total volume of currency traded from London in the last year for which figures are available; and what percentage is for(a) international trading requirements and (b) speculative currency deals, respectively.
§ Mr. NelsonTotal volumes of foreign currency traded in London are not monitored on a regular month-bymonth basis. The Bank of England does, however, conduct a wide-ranging survey of foreign exchange business in London every three years. The latest survey, conducted by the bank during April of this year, indicated average gross daily turnover of about $300 billion—around £190 billion at current exchange rates—in London. Within this total, it is impossible to distinguish so-called speculative deals from transactions carried out to finance flows of trade or for fund-management or hedging purposes.