HC Deb 13 June 1974 vol 874 cc1807-8
9. Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer what additions have been made to the net borrowing requirement since the Budget; and how it is proposed that such additions should be financed.

Mr. Joel Barnett

It is not customary 1 to give forecasts of the public sector borrowing requirement other than at Budget time. My right hon. Friend has made clear our intention to effect a large reduction in the borrowing requirement for the current year compared with 1973–74.

Mr. Bruce-Gardyne

I am sure we all wish the right hon. Gentleman the best of British luck in that objective. Is it not the case, however, that since the Budget hardly a day goes by without fresh Government commitments to the financing of the social compact and that each of these commitments is being financed out of "hot" money? What I happens when the "hot" money starts going out again?

Mr. Barnett

I do not agree with the hon. Gentleman. The only major event in this respect is the £500 million which we promised would go, if required, to the building societies. If the hon. Gentleman does not want to reduce mortgage payments—

Mr. Bruce-Gardyne

I do not.

Mr. Barnett

The hon. Gentleman may not want to reduce them, but I should like to hear what his hon. Friends have to say.

Mr. Higgins

Is it not dangerous to have a Secretary of State for the Environment who is not clear which of his proposals will increase the borrowing requirement and which will not? Will the Chief Secretary hold a seminar for his right hon. Friend?

Mr. Barnett

No, Sir.

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