§ Mr. John Mooreasked the Chancellor of the Exchequer for what reasons the sterling-dollar parity rate of £1 = $2.8952 was used in his Written Answer to the hon. Member for Birmingham, Northfield (Mr. Carter) [Official Report, 26th February, c. 337] in view of its fictitious nature and in the light of the availability of the latest market rate.
§ Mr. DellI refer the hon. Member to my answer to him of 26th January 1976, c. 72, and 4th February, c. 664. The most recent figures given in the answer to my hon. Friend the Member for Birmingham, Northfield (Mr. Carter)—i.e., the end-September 1975 levels of foreign currency debt, when converted at the sterling-dollar rate then prevailing—are as follows:
£ million. Long-term debt 2,073 Short and medium debt from IMF — Others (including Her Majesty's Government loan) 1,223 Public sector borrowing 927