§ I should at this point explain to the House that the net borrowing requirement 269 of the National Loans Fund is not quite the same in definition as the Central Government's borrowing requirement, which was the borrowing requirement referred to in the Letter of Intent which my right hon. Friend the Home Secretary sent to the International Monetary Fund on 23rd November last year. The net borrowing of the National Loans Fund includes drawings upon Departmental balances and net borrowing from Governmental accounts such as the National Insurance Fund. To the extent that the requirements of the National Loans Fund are met by borrowing from those internal funds, the borrowing requirement of the Central Government from non-Governmental sources is diminished; on the other hand, if these funds are recalling balances held with the National Loans Fund, the Central Government's borrowing requirement will be increased. For 1967–68, I expect the borrowing requirement of the Central Government to be about £1,482 million. Next year, if there were no changes in taxation, I would expect it to be about £1,129 million. This figure, I should add, will look very different after my taxation changes.