§ 28. Mr. Dickens
asked the Secretary of State for Trade what annual saving of public expenditure is estimated to result from the decision, announced on 13 February, to discontinue refinancing by the Export Credits Guarantee Department of fixed rate sterling export finance.
§ Mr. Parkinson
When I announced these changes to the House on 13 February I indicated that they were likely to result in significant anti increasing savings364W in public expenditure. It is difficult to make any precise estimate of the amounts involved because this depends on the amount of sterling export finance which would have come forward for refinancing under the previous arrangements. Immediate savings will be small but by the end of 1983–84 the new arrangements should have reduced public expenditure cumulatively by about £200 million at current prices.