HC Deb 05 April 1976 vol 909 cc79-80W
Sir Frederic Bennett

asked the Secretary of State for Trade what was the total of imports quoted in millions of £s sterling from the Union of Soviet Socialist Republics into the United Kingdom in 1974 and 1975, respectively.

Mr. Deakins

This information is available from Table II of the respective December issues of the monthly Overseas Trade Statistics of the United Kingdom.

Mr. Blaker

asked the Secretary of State for Trade what is his estimate of the cost to the taxpayer of the subsidy on the rate of interest charged on credits for contracts for sales to the Union of Soviet Socialist Republics under the line of credit of £950 million as arranged by the then Prime Minister in February 1975, assuming that the whole line of credit is taken up.

Mr. Deakins

The cost of providing fixed rate export finance depends on a number of variables. These include the level of the fixed rate applicable to each contract, the level of the agreed rate of return to the banks, the size of contract, the length of credit involved and when the business is placed. It is, therefore, impossible to make a realistic estimate of the cost of such credit in respect of individual blocks of export business with the USSR or elsewhere.