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Follow on Google News | Raj Ouellet - Capital Control is Back, Protect your moneyThroughout the 1960s, with Harold Wilson's Britain dogged by sterling crises and balance of payments woes, holidaymakers were banned from taking more than £50 with them when heading abroad.
By: DiamondXchange Capital controls are an extraordinary breach of basic EU rules, which allow freedom of labour and capital movement. Indeed, article 63 of Europe's internal market rules explicitly states that "all restrictions on the movement of capital between member states and between member states and third countries shall be prohibited" unless there is an issue of "public security". But there are few signs of the EU enforcing article 63 when it comes to Cyprus. Cypriot politicians declare that the capital controls will last only briefly (without giving dates) – and, of course, no one believes for a moment that they will ever be reimposed in the UK. Of course no one believed interest rates would fall to 0.5% or that the banks would collapse … End
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