§ 4. Sir C. Osborneasked the Chancellor of the Exchequer what was the amount, rate of interest and length of the loan he has recently negotiated with the Swiss bankers; and what particular factors made this additional borrowing necessary, at a time when Her Majesty's Government is pledged to repay existing foreign loans at the rate of £300 million a year up to 1970.
§ Mr. Callaghan£44 million at the new rate, 5½ per cent., 12 months. The loan was made on the initiative of the Swiss banks concerned.
§ Sir C. OsborneCould the Chancellor estimate roughly how much per year we shall have to repay our new loans as well as old loans? Will he consider issuing a White Paper so that we can really understand our situation?
§ Mr. CallaghanI will consider the second part of that question. I could not give an answer offhand to the first part, which goes wide of the original Question.