§ Sir C. Osborneasked the Chancellor of the Exchequer; in view of the fact that the £1,145 million reserve at the end of July consists of £899 million borrowed from the Swiss Bank and the International Monetary Fund, and more than the balance is borrowed from the United States of America, and that there is no net reserve, what action he proposes to take when these loans have to be repaid; if the arrangements allow for the declaration of a moratorium; and if he will make a statement.
§ Mr. CallaghanThe prime object of our present policies is to balance our payments and then earn a surplus.