§ 63. Sir C. Osborneasked the Chancellor of the Exchequer by how much he estimates local and central Government spending would have to be cut in order to restore the balance of payments to equilibrium, and to enable the nation to live within its income; what criteria he employs in deciding to borrow from foreign bankers rather than make these cuts; and if he will make a statement.
§ Mr. CallaghanThere is no simple connection between the amount of public spending and the balance of payments. But the Government have made it clear on a number of occasions that they intend to maintain a firm control over expenditure.