For example, looking back to 1955, nobody can say, least of all the present Home Secretary, whom we are sorry to hear is ill, that during those days, when the Bank of England was deliberately leaking round the world its own proposals for a dash to convertibility combined with a floating exchange rate, and in doing so helped to land the Home Secretary in an extremely Severe Exchange Crisis, that there was sufficient co-ordination between the Treasury and the Bank.

The March returns of overseas trade show that there has been no significant improvement, and we have had absolutely no information in the debate about what Ministers propose to do if there is a Severe Exchange Crisis this Autumn.