§ 28. Sir J. Langford-Holtasked the Chancellor of the Exchequer how much money in terms of sterling was borrowed from the United States of America and Canada, between 1945 and 1948; how much has been repaid since then and in what years; and what the amount repayable is today.
§ Mr. Maurice MacmillanThe amount of long-term borrowing in these years from the United States and Canada was about £1,360 million. Drawings on some of the relevant credits were made over a longer period. Repayments are not related to drawings in particular years. The total repayments on these loans, including drawings made in later years, from 1951 to 30th June, 1970, have been about £470 million. The amount outstanding is currently about £1,890 million.
§ Sir J. Langford-HoltShowing, as it does, that we owe more today than we borrowed in the 1940s, does not this, with the Answer to Question No. 4, show that the Labour Party, so far from being the debt settlers, are the master borrowers of this age?
§ Mr. MacmillanThat is, I think, a reasonable deduction, especially as the fact that this long-term debt is so much greater than it was when it was first incurred is the result of two devaluations totalling about £885 million additional in sterling terms.
§ Mr. BarnettIs it the Government's intention to repay this debt at a much faster rate than it has been repaid in the past?
§ Mr. MacmillanThe Govenment's intention on the long-term debt is to continue with the methods which have been adopted before by previous Tory Governments and carried on since.