Part IV Exchange Controls, Exchange Rates, and Sanctions, 14 Exchange Control—The UK Model

14.01 The Exchange Control Act 1947 created the statutory regime for the administration of exchange control which remained in place for some thirty-two years,1 until the system was suspended by the Conservative Government in 1979 and, ultimately, repealed in its entirety.2 As matters stand at present, it would now be virtually impossible for the United Kingdom to reintroduce general and wide-ranging measures of this kind; the United Kingdom cannot now introduce restrictions on the free movement of capital or payments, for this would be inconsistent with its treaty...