§ Mr. George Cunninghamasked the Chancellor of the Exchequer what is his estimate of the difference in revenue collected in 1977–78 if children's tax allowances in that year were at the level now stated in the Taxes Act as compared with the level proposed in the current Finance Bill.
§ Mr. Robert SheldonThe estimated cost of increasing income tax child allowances by £60 at 1976–77 income levels
360Wwould be equivalent to some £500 million.
§ Mr. Skeetasked the Chancellor of the Exchequer, on the assumption that the United Kingdom foreign currency external debt amounting to £4,760 million was immediately repayable, what would be the total amount required to liquidate the debt bearing in mind the complications of the sterling guarantee and the rapid depreciation of the currency.
§ Mr. Robert SheldonI assume the hon. Member is referring to the total identifiable short, medium and long-term external foreign currency debt of Her Majesty's Government detailed in the reply I gave on 10th June to the member for Dorking (Sir G. Sinclair). The question of the immediate repayment of these debts is purely hypothetical but on this hypothetical basis the amount required would be equivalent to some £4,914 million using exchange rates operating at the close on 16th June.