§ Mr. Ronald Atkinsasked the Chancellor of the Exchequer to what extent the United Kingdom last year was able to finance its current account balance of payments deficit by major foreign currency loans by the nationalised industries and the local authorities.
§ Mr. DellBorrowing by the nationalised industries and local authorities under the terms of the exchange cover scheme reintroduced on 6th March 1973 totalled £1,003 million last year, financing some two-thirds of the current account deficit.
§ Mr. Ronald Atkinsasked the Chancellor of the Exchequer what is the present, and what will be in one year's time the future, contribution to the adverse balance of payments by the following: interest payments on foreign loans, payments to the Common Market budget, and military activities abroad.
§ Mr. DellThe foreign exchange cost in 1973 of servicing borrowings from abroad for domestic use by public sector bodies under the exchange cover schemes amounted to $68 million, equivalent at current rates to about £28 million. In the first two months of 1974 the cost was $44 million, equivalent at current rates to about £19 million. I imagine this is what my hon. Friend has in mind.
Net current transfers to the EEC amounted to £96 million in 1973. United Kingdom contributions totalled £171 million and receipts were £75 million. Invisible debits in 1973 in respect of military expenditure overseas totalled £422 million. Later figures are not available.
It is not customary to give forecasts of the balance of payments.