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Sterling (Devaluation Proposals)

Volume 466: debated on Tuesday 28 June 1949

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asked the Chancellor of the Exchequer what proposals he has received from the Marshall Aid authorities to the effect that sterling should be devalued.

Is it not a fact that although there may have been no formal proposals, which is, I suppose, the excuse for the answer we have just been given, my right hon. and learned Friend is exposed to relentless pressure to accept this devaluation—

Imputations and innuendoes are not correct in asking supplementary or other questions.

Is it not correct that he is exposed to this relentless pressure which I have just mentioned, and that all sections of our country are bitterly opposed to accepting this surrender to the Americans?

If the Chancellor is to counteract the suggestion that sterling is possibly to be devalued will he not have to say something much stronger than he has hitherto said? Will he say that he will resign rather than devalue?

Is the Chancellor aware that there would be no need for him to do so, as he was expelled from the party?

Would the Chancellor say whether in his opinion these devaluation dangers would have arisen at an earlier date but for the Marshall Aid which we have already received?

No, Sir. I am not prepared to answer any question except that on the Paper.