§ 9. Mr. Bruce-Gardyneasked 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 BarnettIt 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-GardyneI 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. BarnettI 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-GardyneI do not.
§ Mr. BarnettThe hon. Gentleman may not want to reduce them, but I should like to hear what his hon. Friends have to say.
§ Mr. HigginsIs 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. BarnettNo, Sir.