Exchange Controls

Oral Answers to Questions – in the House of Commons at 12:00 am on 24th July 1980.

Alert me about debates like this

Photo of Mr Robert Parry Mr Robert Parry , Liverpool Scotland Exchange 12:00 am, 24th July 1980

4. Mr. Parry asked the Chancellor of the Exchequer what specific powers remain to him to regulate exchange control.

Photo of Mr John Biffen Mr John Biffen , Oswestry

The Treasury continues to have the powers in the Exchange Control Act 1947 as amended by the Finance Acts 1968 and 1977, and also those in section 2 of the Emergency Laws (Re-enactments and Repeals) Act 1964.

Photo of Mr Robert Parry Mr Robert Parry , Liverpool Scotland Exchange

Given the mess of the Government's economic position, will the right hon. Gentleman tell us how long it would take to reintroduce the measures if it became necessary?

Photo of Mr John Biffen Mr John Biffen , Oswestry

Most of the arguments are to the effect that the difficulties derive from a currency that is valued too highly. Therefore, the Government are not usually asked to reintroduce exchange control.

Photo of Mr Timothy Eggar Mr Timothy Eggar , Enfield North

Does my right hon. Friend believe that there is any case for inward exchange controls?

Photo of Mr John Biffen Mr John Biffen , Oswestry

On present evidence, no.

Photo of Mr Eric Heffer Mr Eric Heffer , Liverpool, Walton

Whatever the Government do on the question of exchange controls, will the Chief Secretary and his right hon. Friends consider the position that is developing in Ellesmere Port, where 1,500 workers in Bowaters are faced with immediate redundancy because of the imports of paper from the United States of America? Will the right hon. Gentleman look at that in addition to looking at the question of exchange controls?

Photo of Mr John Biffen Mr John Biffen , Oswestry

I realise that the hon. Gentleman has made a point about which he feels very strongly, and I shall see that it is brought to the attention of my right hon. Friend the Secretary of State for Trade.