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Sterling (Convertibility)

Volume 527: debated on Tuesday 11 May 1954

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3.

asked the Chancellor of the Exchequer in view of the strength of sterling in the foreign exchange market, if he will now take steps to make sterling freely convertible.

We continue working towards the necessary preconditions for sterling convertibility as set out in the Communiqué of the Commonwealth Economic Conference in 1952.

Instead of expressing pious hopes about this matter elsewhere, will my right hon. Friend give a courageous lead to the world, as our forefathers did, and make sterling freely convertible tomorrow morning as the biggest contribution possible to world recovery and prosperity?

I can assure my hon. Friend that I shall give a sensible lead. Whether it will be thought to be courageous or not, I cannot say.