§ Mr. Owenasked the Chancellor of the Exchequer if he will state the amounts of loans made by the United States of America to Great Britain in 1945, and between 1951 and 1961; at what rates of interest they were; and what repayments have been made.
Mr. M. MacmillanThe terms of the loan agreed in 1945 are set out in two White Papers (Cmd. 6708 and Cmnd. 178). $3,750 million was originally borrowed at 2 per cent. interest and $140 million deferred interest was added to the debt in 1956 and 1957. $601 million has so far been repaid.
Between 1951 and 1961 two further loans were negotiated, $48 million at 2½ per cent. in 1952 (Cmd. 8504) and a line of credit at 4½ per cent. of which $250 million was drawn in 1957 (Cmnd. 104). $1 million of the first loan and the whole of the second have been repaid.