If these other things were not necessary, why did the Government damp down production, investment and employment for two years to secure a temporary speculative Crisis in the £;?

The revisions in 1962 had the effect of showing that the Crisis in the £; in 1961, to which the right hon. and learned Member for Wirral reacted, was not as serious as was thought.

I think that before we decide whether the Clause should stand part of the Bill, we ought to have answers to this question, answers which ought to restore confidence to the gilt-edged market, because if we do not receive those answers, and we do not restore confidence in the gilt-edged market, I fear that the Chancellor may bring off Labour's great autumn double - a Crisis in the £; abroad, and demoralisation of the gilt-edged market at home.

We also have aproblem because the Crisis of the £; does not wholly reflect our own basic balance-of-payments deficit.