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Exchange Guarantees

Volume 893: debated on Thursday 12 June 1975

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asked the Chancellor of the Exchequer what is the extent of the exchange guarantees currently outstanding to foreign holders of sterling.

Will the Paymaster-General confirm that it is not the Treasury's intention to give any new guarantees for sterling, as it cannot be prudent for sterling to be held at an artificial level while the Government at last search for an effective anti-inflationary policy?

There has been a considerable change in the situation since these guarantees existed and since last December, when they were abolished. We have no such intention.