§ Mr. Tim Rentonasked the Chancellor of the Exchequer what was the total estimated exchange loss at 31st March 1976 on outstanding foreign exchange borrowings by Government, local authorities and the nationalised industries.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 30th June 1976; Vol. 914, c. 204], gave the following information:
No exchange loss is incurred until loans are repaid, which in most cases is not for several years. Total foreign currency borrowing by the Government, local authorities and nationalised industries outstanding on 30th May 1976 was equivalent to some £6.7 billion at the exchange rates of 31st March, compared with about £5.7 billion at the exchange rates prevailing at the end of the months when the loans were taken out.