Agenda item

Consideration was given to graphs showing movements of the major currencies against sterling (for copy see file of Minutes).

Philip Williams advised that sterling had been extraordinarily strong with huge investments in London buildings in areas such as Belgravia.

Following a point raised by Councillor Lethbridge, a general discussion ensued about the cash investment boom in properties in London and the social problems this was creating.

In response to a question from Councillor Carr about the strength of sterling the Pension Fund Advisers advised against an active currency management fund.

Resolved:

That the information given be noted.