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Foreign Currency

Volume 940: debated on Monday 28 November 1977

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asked the Chancellor of the Exchequer (1) how much foreign money has flowed into Great Britain in the last 12 months;(2) what estimate he has made of the long-term and short-term funds, respectively, which have come into London in the last 12 months.

At the end of October 1977 the United Kingdom's official gold and foreign currency reserves were 15½ billion dollars higher than a year previously. Quarterly statistics of the balance of payments transactions contributing to the increase in the reserves between the end of September 1976 and June 1977 are published in "Economic Trends" for September 1977, which is available in the Library. Statistics for the quarter ended September 1977 are not yet available: they will be published by the usual Press notice, on 7th December.

asked the Chancellor of the Exchequer what is his estimate of the total of speculative foreign money currently on deposit in the United Kingdom.

It is not practicable to try to split up foreign holdings of sterling into speculative and other holdings.