Orders of the Day — Finance Bill

Part of the debate – in the House of Commons at 12:00 am on 3rd May 1976.

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Photo of Mr Norman Atkinson Mr Norman Atkinson , Haringey Tottenham 12:00 am, 3rd May 1976

What the progressives on this side of the House were arguing for was a fixed devaluation. The clamour to which my hon. Friend refers came from the monitarists and extreme Conservative Trotskyites on the other side of the House. They were arguing for a floating exchange rate, and none more so than the right hon. Member for Down, South (Mr. Powell), who was the leading advocate of a floating exchange rate.