Government Policy

Part of Orders of the Day — King's Speech – in the House of Commons at 12:00 am on 29th October 1947.

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There was, of course, the American Loan Agreement, Bretton Woods and the International Monetary Fund. The right hon. Gentleman carefully divided his speech into three parts and, dealing first with the Loan Agreement, he said: As hon. Members will see from the Financial Agreement, it is proposed that this arrangement, in the form in which it has existed during the war, shall shortly come to an end, and that we shall revert to the prewar convertibility of sterling for current transactions. Later, I shall indicate how shortly it is to come to an end; but here I wish to emphasise that what we are doing is reverting, in this respect, to the prewar situation. We are not doing something which is fresh and new.