Foreign Loans

HC Deb 10 November 1977 vol 938 cc844-5

19. Mr. Wyn Roberts

asked the Chancellor of the Exchequer if he has any plans to accelerate repayment of foreign loans to the United Kingdom.

Mr. Denzil Davies

We have made a start on a modest programme of early repayment of nationalised industry foreign debt. The possibility of expanding this programme is kept under review.

Mr. Roberts

Will the Minister say why, during the second quarter, the Government borrowed from the IMF standby when, in fact, the reserves were rising?

Mr. Davies

The hon. Gentleman will know, as my right hon. Friend has announced, that the next tranche is not to be taken because of our very strong reserve position. The standby remains in place until the end of next year.