French Franc (Devaluation)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 19 March 1959.

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Photo of Mr Robert Edwards Mr Robert Edwards , Bilston 12:00, 19 March 1959

asked the Chancellor of the Exchequer if he will give an estimate of the loss in currency in this country arising from the revaluation of the French franc.

Photo of Mr Frederick Erroll Mr Frederick Erroll , Altrincham and Sale

Although a precise estimate is not possible, it seems likely that any loss of currency to this country arising from the devaluation of the French franc was very small.

Photo of Mr Robert Edwards Mr Robert Edwards , Bilston

I thank the hon. Gentleman for that reassuring reply, but has his attention been drawn to reports in the French Press about leakages prior to the devaluation of the franc which led to heavy speculation in both Paris and London? Has he any information about British citizens selling francs before devaluation?

Photo of Mr Frederick Erroll Mr Frederick Erroll , Altrincham and Sale

I have not seen the reports to which the hon. Gentleman refers, but I will look at them. I have no evidence that British citizens were doing anything which it was not legally proper for them to do.