HC Deb 25 June 1976 vol 913 cc663-4W
Mr. Grylls

asked the Chancellor of the Exchequer what overseas foreign borrowing were repaid by nationalised industries and by local authorities in the period since 1st March 1974; and what has been the difference in sterling terms between

£ million at exchange rates prevailing at the end of the month when loans were taken out £ million at exchange rates at close on 18th June
Local authorities 540 750
National Coal Board 180 230
Electricity Council 860 1,370
South of Scotland Electricity Board 140 180
North of Scotland Hydro-Electric Board 100 130
British Gas Corporation (and Gas Council) 380 500
Post Office 730 960
British Steel Corporation 460 570
National Water Corporation 180 230

the value of the borrowing in sterling terms at the time when each loan was made and their value in sterling terms when repayment was made.

Mr. Robert Sheldon,

pursuant to his reply [Official Report, 23rd June 1976; Vol. 913, c. 550], gave the following information:

Since March 1974, seven foreign currency loans to the United Kingdom public sector have been repaid. Six of these, raised by Derbyshire County Council, the GLC and the Gas Council, were under the 1969–71 exchange cover scheme, and an uncovered loan to BEA was also repaid. These loans were together equivalent to nearly £60 million when they were taken up, between August 1969 and April 1971, and to over £120 million when they were repaid on dates between August 1975 and April 1976.