HC Deb 10 July 1975 vol 895 cc733-4
29. Mr. Tim Renton

asked the Chancellor of the Exchequer whether he is proposing to meet with the International Monetary Fund for discussions on Great Britain's economy.

Mr. Joel Barnett

No, Sir.

Mr. Renton

When the Chancellor next meets the IMF, which if the Tribune Group has its way may be sooner than expected, will he explain to the IMF why, having deceived the nation last autumn by saying that inflation was running at a rate of 8.4 per cent., he should now carry any credibility when he says that he will have the rate of inflation down to 10 per cent. by next year?

Mr. Barnett

I think that my right hon. Friend will have credibility when the people at home and abroad see the White Paper tomorrow.

Mr. Heffer

Will my right hon. Friend give an assurance that the conditions that would be laid down by the IMF if we went to it for a loan will not in any case be applied by the Government if they do not go to the IMF for a loan?

Mr. Barnett

I am sure my hon. Friend recognises that we have a better chance of avoiding having to go to the IMF if he and everyone else on our side and on the Opposition side support the proposals which are due to come out in the White Paper tomorrow.