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

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.

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?

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.

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

On present evidence, no.

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?

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.