HC Deb 09 May 1950 vol 475 cc199-200
64. Mr. Osborne

asked the Chancellor of the Exchequer why the new 3½ per cent. British Electricity Stock, 1976–79, is being issued at 99 per cent., when 18 months ago a similar loan was issued on a 3 per cent. basis at 99½ per cent.; and if he will make a statement on the general policy of Government borrowing.

Sir S. Cripps

The issue was made, in each case, on terms which were in line with current market conditions.

Mr. Osborne

In view of the fact that Government credit has fallen by one-half per cent. in the last 18 months, does the Chancellor of the Exchequer expect that it will fall another one-half per cent. in the next 18 months, and can he stabilise it even on a 4 per cent. basis?

Sir S. Cripps

I think that with the present records of this Government, it should improve and increase.

Mr. Pickthorn

Can the right hon. and learned Gentleman tell us what proportion of this was taken up inside Government Departments?

Sir S. Cripps

I am afraid that I cannot.