HC Deb 06 May 1976 vol 910 c475W
Mr. Dodsworth

asked the Chancellor of the Exchequer what is the increased cost in sterling terms of repaying currency loans incurred by local authorities relying on exchange cover guarantees by the Treasury at the latest available date compared with convenient dates in February 1974, October 1974 and October 1975.

Mr. Robert Sheldon

Local authority foreign currency borrowing under the exchange cover scheme outstanding at end April was equivalent to £680 million. The amounts outstanding on the last working days of February and October 1974 and October 1975, calculated by reference to exchange rates in force on those days, were equivalent to £235 million, £550 million and £620 million respectively; but there was borrowing equivalent to £318 million, at end-October 1974 exchange rates, between February and October 1974.