asked the Minister for Finance whether he is aware of the increasing likelihood, in view of recent trade figures, of a devaluation of the British pound sterling; and whether his Department are preparing for such an eventuality.
Ceisteanna — Questions. Oral Answers. - Devaluation of Pound.
21.
I do not think that it would be proper for me to speculate on the possibility of variations in the parties of the currencies of other countries. The position of the major currencies is, of course, kept under constant review by my Department so that, in the event of a change in par value, action may be taken consistent with the national interest.
In view of the great deal of economic comment in Britain, does the Minister visualise that in the event of the pound being devalued in Britain, we shall maintain parity with the revised value of the British pound?
I have no reason to believe that any such development will take place and I have no intention of speculating on the likelihood or otherwise of its taking place. I can only point to the statement of the British Chancellor of the Exchequer yesterday that no such move is contemplated.
I wish to know if we are to maintain parity should this unforeseen move occur, though it does not appear to be as unforeseen as it seems——
I am far too prudent a man to deal in hypotheses of this kind.
We do not want to admit that we are tied hand and foot to the British pound.
We should not be so much tied to the British pound and maybe that is what is at the back of the Minister's mind.
The Deputy is easily the worst economist in the House.