Stabilisation of the Pound.

Oral Answers to Questions — National Finance. – in the House of Commons am ar 6 Hydref 1931.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Colonel Josiah Wedgwood Colonel Josiah Wedgwood , Newcastle-under-Lyme


asked the Prime Minister whether he will give a day for the discussion of the Motion standing in the name of the right hon. Gentleman the Member for Newcastle-under-Lyme (Colonel Wedgwood): That, in the opinion of the House, it is not desirable to stabilise the value of the pound until the balance of trade has been demonstrably restored by natural means, and then only at the free exchange value of sterling at that time.

Photo of Mr Ramsay Macdonald Mr Ramsay Macdonald , Seaham

I am afraid it is impossible to afford time for this Motion, and in any case such a discussion at present would be premature.

Photo of Colonel Josiah Wedgwood Colonel Josiah Wedgwood , Newcastle-under-Lyme

I beg to give notice that I propose to raise this question of the premature pegging of the pound on the Consolidated Fund Bill to-morrow.

Photo of Mr Ralph Morley Mr Ralph Morley , Southampton


asked the Chancellor of the Exchequer at what value the Government proposes to undertake the stabilisation of the pound?

Photo of Mr Walter Elliot Mr Walter Elliot , Glasgow Kelvingrove

I would refer the hon. Member to the reply which my right hon. Friend gave to the hon. Member for Plaistow (Mr. Thorne) on the 28th September.

Photo of Mr Ernest Thurtle Mr Ernest Thurtle , Shoreditch

May we take it that in this case, in accordance with precedent, the Government will not do anything at all without the permission of the Bank of England?