HC Deb 24 May 1966 vol 729 c281
Q7. Sir C. Osborne

asked the Prime Minister what consultations he had with President Johnson about further United States loans in case sterling needed further support; and if he will make a statement.

The Prime Minister

None, Sir.

Sir C. Osborne

Does the Prime Minister agree with the statement of the Minister of Labour that it is a disgrace to our country to be living on loans from America which is making us slothful and idle? Would it not be better to refuse further foreign loans and to make our nation face the economic perils?

The Prime Minister

Yes, Sir. That is what we are trying to do. The loans which were first raised in 1964 before we came into office have now been partly paid off, including part of the loans raised by right hon. Gentlemen opposite. In fact, the total borrowings over this period were rather less than the size of the deficit which we inherited. [Interruption.] All right, I agree that it does not matter which side; all of us have a duty to put this country into a sufficiently secure posture to pay our way.