§ Mr. Watkinson
asked the Chancellor of the Exchequer to what extent nationalised industries are borrowing abroad; and if it is his policy to continue to permit this form of borrowing.
§ Mr. Dell
Nationalised industries have borrowed some $3.9 billion in foreign currencies since 6th March 1973, the date on which the exchange cover scheme was reintroduced by the previous Government. This borrowing programme remains an important element of this Government's external financing policy.