Non-Sterling Area Securities

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 19th November 1957.

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Photo of Mr John Cronin Mr John Cronin , Loughborough 12:00 am, 19th November 1957

asked the Chancellor of the Exchequer if he will give an approximate estimate as to what proportion of the £150 million outflow of net private long-term investment in the balance of payments in the first six months of 1957 was due to private purchases of non-sterling area securities.

Photo of Mr John Cronin Mr John Cronin , Loughborough

Does not this indicate that the recent balance of payments crisis was due largely to the flight of private capital into non-sterling areas, and that the real spanner in the machinery is not wage increases but the notion of Conservative freedom applied to exchange control?