HC Deb 16 March 1948 vol 448 cc1880-1
56. Mr. Skinnard

asked the Chancellor of the Exchequer whether the sterling paid to the Government by importers in exchange for loaned dollars is in a fund separate from internal revenue; and whether consideration will be given to using this to subsidise exports to dollar areas.

Sir S. Cripps

My right hon. Friend the Financial Secretary to the Treasury made a statement on the accounting arrangements in reply to a question asked by the hon. and gallant Member for New Forest and Christchurch (Colonel Crosthwaite-Eyre) on 29th January. As there explained, the sterling paid by importers for dollars derived from the American Loan, reduces Exchequer borrowing from other sources. It would not, therefore, be practicable, even if it were desirable, to use it for financing any form of Government subsidy.