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Sterling Finance(Third Country Trade)

Volume 938: debated on Thursday 10 November 1977

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20.

asked the, Chancellor of the Exchequer if he will now rescind the prohibition of the use of sterling finance for third country trade, introduced in November 1976; and if he will make a statement.

I do not think that the time has come to consider any restoration of this particular use of sterling in international trade.

There is a very good reason. United Kingdom merchants and banks are already doing very nicely as the matter stands.