Letter of Intent (Borrowing Requirements)

HC Deb 23 January 1968 vol 757 c186

2. Mr. Ridley

asked the Chancellor of the Exchequer if, in the tenth paragraph of the letter of intent sent by his predecessor to the International Monetary Fund on 23rd November, 1967, the under taking to keep the borrowing requirement below £1,000 million for 1968–69 includes money borrowed to finance further schemes of nationalisation.

Mr. Roy Jenkins

Yes, Sir. Any Government payment that falls to be made in cash enters into the calculation of the borrowing requirement.

Mr. Ridley

Has the right hon. Gentleman therefore taken into account the possible effect of the Transport Bill and other Bills now before the House in agreeing this figure of £1,000 million?

Mr. Jenkins

As I informed the House, all relevant considerations are taken into account.