§ 32. Sir A. Meyerasked the Chancellor of the Exchequer whether, before considering other import controls, he will restrict the import of tobacco.
§ Mr. Denzil DaviesIn his Budget Speech on 6th April 1976 my right hon. Friend the Chancellor of the Exchequer set out the Government's policy in this area. We have said that general import
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§ Mr. Ralph Howellasked the Chancellor of the Exchequer if he will publish a table showing total overseas borrowing by the public sector in each year since 1970, and in each quarter to date of 1976, distinguishing between loans to central Government, local authorities and nationalised industries and also showing the cost of debt interest in each year.
§ Mr. Robert SheldonI assume the hon. Member is interested in the medium-term foreign currency borrowing of the United Kingdom public sector for domestic purposes. The extent of such borrowing in the years 1970–75 and the first three-quarters of 1976, allocated between Her Majesty's Government, nationalised industries and local authorities is as follows:
controls are not a solution to our economic problems since they would provoke retaliation against our exports, disrupt those manufacturing industries dependent on imports of components and semi-manufactures, and run counter to our obligations to several international organisations. We remain ready, however, to impose temporary selective controls where the future of viable United Kingdom industries is placed in jeopardy by excessive imports. In the case of tobacco, there is, of course, no United Kingdom industry benefit from controls over imports of this raw material.