§ Mr. Maurice Macmillanasked the Chancellor of the Exchequer what is the total amount of loans raised abroad by local authorities; how much of this was raised in Germany; and what estimate he has made of the increased cost to public funds following a German revaluation of 10 per cent., arising from the Government guarantee of these loans against changes in exchange rates.
§ Mr. Harold LeverNo foreign currency loans have yet been raised by local authorities. It was only very recently that it was announced that the Government wished to encourage local authorities who had the necessary statutory powers to consider borrowing foreign currency, and that the Finance Bill would remove an existing impediment to this.