HC Deb 08 November 1976 vol 919 cc28-30
Mr. Tim Renton

I beg to ask leave to move the adjournment of the House, under Standing Order No. 9, for the purpose of discussing a specific and important matter that should have urgent consideration; namely, the negotiations now taking place in London between the Government and Mr. Alan Whittome's team from the International Monetary Fund on the terms of a loan to the United Kingdom of US $3.9 billion. This matter is specific. The team is in London and its purpose and broad objective are well known. It is urgent because the discussions with the team have already started. They will continue only for some days, and I am sure that hon. Members on both sides of the House want the alternatives put forward for debate in the House, together with the options and courses of action to be considered by the IMF team. That will be possible only if the debate takes place immediately.

The matter is important and it is made more so by the relevation in the weekend Press that once again the Chancellor has got his figures wrong and that next year's borrowing requirement may be £11 billion and not £9 billion.

The decisions taken as a result of this visit will have a profound effect on the course of the British economy and on the jobs and prospects of hundreds of thousands of our work force.

The House would be guilty of derelict stupidity if it did not debate the matter before the Chancellor sent his letter of intent to the IMF.

Mr. Speaker

The hon. Gentleman asks leave to move the Adjournment of the House for the purpose of discussing a specific and important matter that he thinks should have urgent consideration; namely, the negotiations now taking place in London between the Government and Mr. Alan Whittome's team from the International Monetary Fund on the terms of a loan to the United Kingdom of US $3.9 billion". As the House knows, under Standing Order No. 9 I am directed to take into account the several factors set out in the Order, but to give no reasons for my decision. I have given careful consideration to the representations that the hon. Gentleman has made, but I have to rule that the hon. Gentleman's submission does not fall within the provisions of the Standing Order, and therefore I cannot submit his application to the House.