HC Deb 18 April 1967 vol 745 c293
25. Mr. Dickens

asked the Chancellor of the Exchequer if he intends to ask for an extension of the repayment period of United Kingdom borrowings from the International Monetary Fund.

Mr. Callaghan

As I said in my Budget speech, the first drawing will be paid by the due date. On present prospects, I have no reason to believe that we shall not be able to repay the second drawing also or the due dates.—[Vol. 744, c. 976–7.]

Mr. Dickens

Would not the Chancellor agree that the first task must be to get the bankers off our backs in order that we can resume economic expansion in this country and fulfil our election pledges? Will he not now consider making these payments this year by liquidating portfolio investments?

Mr. Callaghan

There is an arrangement now in which those who sell foreign securities pay a proportion of the foreign exchange into the Exchequer. That is producing a very useful income at present. I do not propose to carry it further than that now.

Mr. Stratton Mills

Does not the Chancellor find it intensely embarrassing when so many of his hon. Friends advocate devaluation and welshing on financial commitments?

Mr. Callaghan

I find that no more embarrassing than having to explain the policy of the hon. Gentlemen from Northern Ireland.