§ Mr. Gouldasked the Chancellor of the Exchequer what increase in unemployment he expects as a result of the measures taken since 1st September to restrict the money supply.
§ Mr. Denzil DaviesIt is not possible to make precise estimates, and the impact will depend on how long interest rates remain at current levels. However, as my right hon. Friend said in the debate on the economic situation on 11th October 1976—[Vol. 917, c. 46}—a failure to restore confidence would have had far more damaging economic consequences. The level of confidence does far more to determine investment decisions, and, in turn, future employment prospects, than the level of interest rates.
592Wlocal authorities which are not covered by a guarantee under the exchange equalisation scheme: (a) calculated on the basis of the exchange rate prevailing at the end of the calendar month in which each loan was made and (b) calculated on the basis of the exchange rates prevailing at the close of business on 15th October 1976.
§ Mr. Robert SheldonFollowing is the information: