§ 64. Sir C. Osborneasked the Chancellor of the Exchequer, in view of the statement by the European Economic Community Monetary Committee in Brussels on 28th April that the Common Market countries' central banks would not renew the $3,000 million loan, what alternative borrowings he is making; when Great Britain will be financially strong enough not to need outside help; and if he will make a statement.
§ Mr. CallaghanIt was always understood that the Central Bank credits of $3,000 million would not be continued after the end of May and that drawings outstanding would be repaid then. I have accordingly made application for a further drawing from the International Monetary Fund.
The Government aim to restore our balance of payments to equilibrium by the end of next year.