HC Deb 14 December 1971 vol 828 cc242-3
11. Mr. Michael McNair-Wilson

asked the Chancellor of the Exchequer what is the present level of the official reserves.

Mr. Higgins

At end-November, converted at par, £2,322 million.

Mr. McNair-Wilson

Does my hon. Friend consider that the state of our reserves is now such that we can reduce our international indebtedness still further in the near future?

Mr. Higgins

The only official short and medium-term outstanding debt to the I.M.F. is £415 million at the end of November, 1971, which compares with an amount outstanding at the end of June, 1970, of £1,461 million. The outstanding debt I have mentioned is not due to be repaid until next June.

12. Dr. Gilbert

asked the Chancellor of the Exchequer if he will henceforth publish full figures of the United Kingdom's gold and foreign currency reserves.

Mr. Higgins

This is already done.

Dr. Gilbert

Is the hon. Gentleman aware that the full international position is never given? In answer to his hon. Friend the Member for Walthamstow, East (Mr. Michael McNair-Wilson) a moment ago he gave figures which were some of the highest in history. Why can we not have the full figures?

Mr. Higgins

The answer is that this is already done, as I have said. The monthly statement about the official reserves gives the true total, at the end of the month, of the exchange equalisation account, current holdings of gold, S.D.R.s and foreign exchange. This is the definition of official reserves, used by successive Governments for a long time.