HC Deb 21 November 1950 vol 481 cc238-9

Resolution reported: That, for the purposes of any Act of the present Session to make certain provision of a financial nature in connection with the operation of the European Payments Union Agreement and the furnishing of American aid in connection therewith, it is expedient to authorise—

  1. (a) the use of the Exchange Equalisation Account and of the funds in that Account in the carrying out of any transaction by the Government of the United Kingdom in pursuance of the said Agreement;
  2. (b) such issues out of the Consolidated Fund to the Civil Contingencies Fund, such raising of money under the National Loans Act, 1939, such repayments to the Exchequer and such issues from the Consolidated Fund for the repayment of debt as result from any provision of the said Act of the present Session enabling temporary advances to be made from the Civil Contingencies Fund to the Intra-European Payments Account and applying section three of the Miscellaneous Financial Provisions Act, 1946, in relation to those temporary advances;
  3. (c) the issue out of the Consolidated Fund of any sums required in connection with any debts to the Government of the United Kingdom which are outstanding debts within the meaning of the said Agreement or which may arise on the termination of that Agreement 239 with regard to any party or on the liquidation of the European Payments Union, and—
    1. (i) for the purpose of providing sums to be issued as aforesaid, the raising of money under the National Loans Act, 1939, and
    2. (ii) the payment into the Exchequer of any sums received by the Government of the United Kingdom representing interest on, or the repayment of principal of, any sums issued as aforesaid or any debts in connection with which any sums are so issued, and
    3. (iii) the issue out of the Consolidated Fund of sums paid into the Exchequer as aforesaid and their application in redeeming or paying off debt or in payment of interest otherwise falling to be paid out of the permanent annual charge for the National Debt.