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Sterling Balances

Volume 416: debated on Tuesday 20 November 1945

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51.

asked the Chancellor of the Exchequer to what extent the increase in sterling balances is due to the continued expenditure of British Forces in the Middle East, India and elsewhere; and what controls or other safeguards are available to prevent British exports from being used to offset sterling balances instead of to pay for necessary imports.

To a large extent. I am seeking to co-operate with the Service Ministers to reduce this expenditure. As regards the second part of the Question, I would refer my hon. Friend to the reply I gave him last Tuesday.