asked the Chancellor of the Exchequer since the £ sterling has fallen to $2·79, the lowest for 1961, old Consols to 40 and War Loan to 55, being in both cases the lowest level recorded, if he will call both sides of industry into conference and appeal for a rigid restraint in wage, salary and dividend increases and institute a new major reduction in Government expenditure so as to require the nation to live within its income, and so reduce the annual strain on sterling; and if he will make a statement.

I stated my views on these important matters in my Budget speech and have taken several opportunities of repeating them since. I do not think a conference would be useful at this stage.