§ 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.