Sterling (Floating Exchange Rate)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18th July 1967.

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Photo of Mr John Biffen Mr John Biffen , Oswestry 12:00 am, 18th July 1967

asked the Chancellor of the Exchequer if he will commission a study to determine the advantages of a floating exchange rate for sterling.

The Chancellor of the Exchequer (Mr. .fames Callaghan):

No. Sir.

Photo of Mr John Biffen Mr John Biffen , Oswestry

Is not the Chancellor aware that there are ominous signs of our yet again running into balance of payments problems, and, further, is he aware of the widespread and substantial advocacy by many non-party people that a floating rate of exchange is one way of curing the endemic sterling crises?