Does not the right hon. Gentleman appreciate that, since the Government relaxed controls, the balance of trade surpluses earned by this country have been cancelled out year after year by capital movements, mostly of a fugitive or speculative nature? Has not the time come for the Chancellor of the Exchequer to overcome his party mania and face the situation squarely?
I think the experience of hon. and right hon. Members opposite when they were in office showed that the £ cannot be protected simply by controls of that sort. It is the general confidence in the policy of the Government which holds it up. The only thing we have done recently on exchange control has been to close the Kuwait gap. There has been no basic change.