asked the Chancellor of the Exchequer what action is being taken to lay before the House a Double Taxation Relief Order with regard to Spain, so that the present uncompetitive position of London banks lending in Spain compared to foreign banks may be relieved, in view of the consequent benefits for Great Britain's invisible earnings.

No negotiations are at present taking place for a double taxation agreement with Spain. The competitive position of London banks lending in Spain is safeguarded, however, by those provisions in our tax law which allow double taxation relief to be given unilaterally in respect of foreign tax suffered.