§ Mr. Hamling
asked the Chancellor of the Exchequer when the United Kingdom's additional subscription to the International Monetary Fund will be paid; and what will be the effect on the United Kingdom's drawing rights.
§ Mr. Callaghan
Before 25th March, 1966, the United Kingdom will pay to the International Monetary Fund the subscription
NEW GOVERNMENT PROPOSALS AND ADMINISTRATIVE DECISIONS Cost Agriculture New investment incentives for agriculture and horticulture £12–£13 million offset by the ending of investment allowances. Assistance to owner-occupiers (a) "Option" mortgages About £10–£12 million in the first full year. (b) Guarantees for loans which are an exceptionally large proportion of valuation. Cost will depend on the final form of the scheme but unlikely to be large. Centre for Environmental Studies Cost (Exchequer grant) when fully staffed £100,000 p.a. Colour Television Estimated cost of introduction of colour television to the B.B.C. £6 million in 1966–70. Companies Bill No significant additional cost (but increased fees are expected to increase receipts by about £1.5 million p.a.). — Decimalisation of the currency Total cost falling on the Exchequer (including tax relief) spread over a number of years. About £60 million. Defence The Government's intentions were announced in the "Statement on the Defence Estimates, 1966" (Cmnd. 2901 and 2902). — Development Areas Extension of development areas and additional incentives for new projects (other than investment grants for plant and machinery). £5–£10 million in a full year.
of £175 million corresponding to the United Kingdom's increased quota. £131,250,000 is being paid in sterling, and £43,750,000 in gold. The gold part of the subscription is being covered by a simultaneous special drawing from the Fund. The operation will have no effect on the gold and foreign exchange reserves, but will give us additional drawing rights equivalent to the amount of the subscription.