§ Mr. Tugendhatasked the Chancellor of the Exchequer whether the Treasury will continue to provide forward cover for nationalised industry and local authority borrowings of foreign currency for a period of five years in currencies including the United States dollar, the Swiss franc and the Dutch guilder.
§ Mr. HigginsIn view of the substantial improvement which has taken place in the country's external position it has been decided that as from today the facility for insuring against exchange risks now available in appropriate cases for nationalised industries and local authorities will be restricted to borrowing averaging ten years or over. Borrowing by these bodies for periods over five years may continue to be undertaken on an uncovered basis subject to the usual Treasury and exchange control consents.