Debate on the Address

Part of Orders of the Day — Queen's Speech – in the House of Commons at 12:00 am on 7 December 1954.

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Photo of Mr Ian Mikardo Mr Ian Mikardo , Reading South 12:00, 7 December 1954

Since the hon. Gentleman is claiming credit for the Government for the improvement of our balance of payments position, may I ask how he accounts for the fact that since 1953 the improvement in the reserve position of sterling is less great proportionately than the corresponding improvement in the reserve position of the currencies of almost all other Western European countries?