HC Deb 10 May 1965 vol 712 cc10-1W
Sir C. Osborne

asked the Chancellor of the Exchequer what assurances he gave to the Finance Ministers of the six European Economic Community nations to secure their agreement to co-operate with the International Monetary Fund to meet Great Britain's demand for a further £500 million loan; if he will publish the plans of Her Majesty's Government submitted to the International Monetary Fund, giving details of the British Government's objectives and figures, and the calendar for their achievement; when he expects these proposals will make Great Britain solvent; what other measures he has promised the foreign Finance Ministers he will take; and if he will make a statement.

Mr. Callaghan

I have not been in touch with the Finance Ministers of the Six E.E.C. nations. In the course of our approach to the I.M.F., and as participants in the General Arrangements to Borrow upon which the I.M.F. is likely to call in order to raise some of the necessary currencies we have had full discussions with the I.M.F. and with the members of the G.A.B. Following previous practice these discussions have covered the Government's economic policies as announced to the House in the Budget statement and subsequently; and we have reiterated our aim to get most of the way towards closing the balance of payments gap this year and to complete the process in the course of 1966, as well as our readiness to modify the measures announced, one way or another, should the need arise. It would be contrary to the normal practice to publish details of these exchanges. I have promised no other specific measures to anybody.