HC Deb 20 January 1970 vol 794 cc228-9
5. Mr. David Howell

asked the Chancellor of the Exchequer what is now his estimate of the surplus of all revenues accruing to the public sector over total public spending for the current financial year.

Mr. Diamond

I would refer the hon. Member to Table 1.2 in "Public Expenditure, 1968–69 to 1973–74" (Cmnd. 4234) which shows the latest estimate of the total balance for 1969–70, a surplus of £542 million.

Mr. Howell

I have seen that table. Is not part of the surplus arising from the practice of certain public bodies of borrowing abroad and not calling on the National Loans Fund? Is this a policy which the Treasury and the Minister condone and continue to approve?

Mr. Diamond

I would be misleading the House if I did not draw attention to the fact that the main reason for the addition to the surplus arises from the extra import deposits, which indeed account for more than £200 million of the increase to which I have referred.

Mr. Higgins

Is it the case that the effects of these borrowings abroad by nationalised industries appear easily in the accounts, particularly in Table 15 of the Financial Statement?

Mr. Diamond

Yes, they do appear in Table 15.