HC Deb 08 July 1966 vol 731 c126W

8. Where borrowing in the United Kingdom by residents of Australia, New Zealand, South Africa and the Irish Republic requires consent under the Control of Borrowing Order, such consent will be given only in cases which meet the criterion of early, substantial and continuing benefit to the U.K. balance of payments. Borrowing by residents of other Sterling Area countries will continue to be permitted if it is deemed advantageous to the economy and balance of payments of the territory concerned, provided that there is no demonstrable and avoidable detriment to the United Kingdom balance of payments. Applications by central governments in the Overseas Sterling Area or the European Free Trade Association, borrowers whose issues are guaranteed by these governments, and public bodies in less developed Commonwealth countries will continue to be dealt with individually.