§ Mr. Cant
asked the Chancellor of the Exchequer whether, in view of the implications for the British taxpayer of the increasing costs of borrowing by nationalised industries in the Euro-currency market, involving a rate of interest of 15⅝ per cent. for the rolled over Electricity Board loan, he will now review the whole principle and procedure of overseas borrowing by nationalised industries.
§ Mr. Dell
My right hon. Friend indicated in his Budget speech in March why the right course is to finance the external deficit by borrowing. The reasons have not changed, and it is not the intention of the Government to abandon the foreign borrowing programme, even though the current interest cost on some rollover loans is high.