HC Deb 06 November 1980 vol 991 cc654-5W
Mr. Sheerman

asked the Chancellor of the Exchequer what is his policy towards borrowing by the nationalised industries of funds from foreign banks; and to what extent he exercises control over such borrowings.

Mr. Lawson

All foreign currency borrowing by nationalised industries is subject to specific consent by the Secretary of State and to Treasury approval. It remains the Government's objective to secure a substantial reduction in the volume of our official external debt during this Parliament and proposals for foreign borrowing by nationalised industries are assessed in this context.