§ Mr. Wolrige-Gordon
asked the Chancellor of the Exchequer (1) what was the total of the United Kingdom's short-term overseas debt on 30th September, 1964, and from where the United Kingdom had borrowed; and what was the comparable debt on the last available date before 18th July, 1970;
(2) what was the relationship of the United Kingdom's indebtedness to the reserves on 30th September, 1964; and what was the comparable relationship on the last available date before 18th July, 1970.
§ Mr. Higgins
The outstanding short and medium-term official overseas debt was £71 million on 30th September, 1964, and £1,461 million on 30th June, 1970. Official reserves totalled £907 million on the first of these dates, and £1,163 million on the second, in the intervening period the Treasury dollar portfolio—valued at about £470 million at end September, 1964—had been taken into the reserves.75W
It is not customary to reveal the individual amounts borrowed, except in relation to the International Monetary Fund (I.M.F.). The amounts outstanding from the I.M.F. were nil on 30th September, 1964, and £992 million on 30th June, 1970.
In addition long-term United Kingdom Government debt totalled £1,852 million on 30th September, 1964, and £2,233 million on 30th June, 1970. This, however, should not be considered in direct relationship with the current reserves, since in some cases the repayment schedules stretch into the next century.