§ Mr. Henderson Stewartasked the Chancellor of the Exchequer whether the sterling balances estimated to amount to £3,500,000,000 at 31st March, 1946, are included in the accounts of the National Debt given on page 6 of the Financial Statements for 1945–46 and 1946–47.
§ Mr. DaltonNo, Sir, not as such, but part of these balances arise from direct expenditure out of the Budget, which has been met by Government borrowings, and a large part is held in the form of Treasury Bills and other British Government securities forming part of the National Debt.