§ Sir G. Sinclairasked the Chancellor of the Exchequer what is the total external indebtedness of the nationalised industries and local authorities, respectively, showing separately totals of short-, medium-and long-term loans.
§ Mr. Robert SheldonI assume the Question relates to specific foreign currency loans by nationalised industries and local authorities. Total foreign currency borrowings outstanding as at end-May 1976 were equivalent to
US dollars (millions) Nationalised Industries … 7578.5 Local Authorities … 1347.5 It is not practicable to categorise these loans between medium- and long-term, because, for example, a loan that might be regarded as long-term owing to its final repayment date might not be considered long-term if allowance were made for amortisation schedules. Our practice, therefore, has been to regard all these borrowings as medium-term; there are no short-term borrowings.