§ Mr. Burdenasked the Chancellor of the Exchequer what was the total sterling value of foreign loans raised in the two years from 1st March 1974 to 29th February 1976; how much of this is to be repaid in United States dollars; and what is the current commitment in that currency compared with the time at which the loans were negotiated.
§ Mr. DellI assume the hon. Member has in mind the foreign currency borrowing of Her Majesty's Government and the public sector. Between 1st March 1974 and 29th February 1976 Her Majesty's Government and the public sector borrowed the equivalent of £1.6 billion and £1.7 billion respectively, of which 98 per460W cent. was denominated in US dollars. The sterling equivalent of the dollar borrowing, using exchange rates in force at the time of drawdown, is some £3.3 billion, compared with a figure of £4.0 billion if the exchange rate at the close on 12th March is used.