Part of Oral Answers to Questions — Foreign and Commonwealth Affairs – in the House of Commons at 12:00 am on 17 May 1971.
The right hon. and learned Gentleman must know that it is plainly incompatible to have a free movement of capital within the sterling area and also a free movement of capital within an enlarged European Economic Community. If he cannot go beyond his brief, will he at least make it clear that he rejects the French proposal that we should start repaying the sterling balances at the rate of 5 per cent. a year?