§ 7. Mr. Speedasked the Chancellor of the Exchequer if he will resume the practice under which Her Majesty's Government published figures of short-term inter national borrowing in the Bank of England Quarterly Bulletin.
§ Mr. Harold LeverThe Bank of England has continued to give some information about short-term international borrowing in its Quarterly Bulletin. I cannot at this stage add to this information; and what is said in each issue of the Bulletin, and in the quarterly articles in Economic Trends on the balance of payments, will continue to be decided at the time.
§ Mr. SpeedCan the hon. Gentleman give a promise that, when the economy is strong enough to face the inter-central 192 bank swaps, he will restore the previous practice carried out by both parties when in office up to July, 1966, and publish them in the Bulletin?
§ Mr. LeverA judgment has always been required on the amount of information to be given and the time to give it. This has been the practice of all Governments, and I am afraid it is inevitable.
§ Mr. Ian MacleodWould the hon. Gentleman agree that prior to 1965 this information was given as quickly as possible in the succeeding Bank of England Quarterly Bulletin? Does not he realise that it is not possible to judge the exact extent of our obligations to other countries unless this practice is reviewed, as the Question requests?
§ Mr. LeverIn certain instances we have given more information and in other instances less than our predecessors. It depends on a judgment of the particular information at the particular time. But what we have in common with our predecessors in this respect—and I do not wish to weary the House with quotations—is that it has always been recognised that it is not in the public interest at particular times to give the full details of transactions on the stock equalisation account.
§ Mr. Raphael TuckOn a point of order. Would my hon. Friend be a little less confidential in his replies, because some of us on this side of the House cannot hear him?