§ Mr. Randallasked the Chancellor of the Exchequer (1) what representations he has received from industry in the North-East that present credit facilities in connection with export are unsatisfactory; and what plans he has to deal with the situation;
(2) what consideration he has given to the introduction of export bonds on similar lines to premium bonds to create a fund from which manufacturers could draw for export services.
§ Mr. CallaghanI have not received but I am aware of the representations referred to. Given E.C.G.D. guarantees, and with the recent imposition of a credit ceiling from which identified export finance is excluded, present banking facilities appear to be satisfactory. I am not aware of any particular export credit difficulties in the North-East but I am always ready to look into individual cases.
The introduction of export bonds would run counter to the well-established principle that particular sources of revenue including national savings must not be hypothecated for particular purposes.