§ 29. Mr. Burdenasked the Chancellor of the Exchequer what is the cost in sterling of interest payments on foreign loans raised between 1st March 1974 and 29th February 1976 on which the interest is payable in: (a) United States dollars, (b) Swiss francs, (c) German deutschemarks, and (d) any other foreign currency in the period 1st March 1947 to 29th February 1976.
§ Mr. HealeyIt is not possible to give precise figures for the interest servicing cost of foreign currency loans raised by the United Kingdom public sector between 1st March 1974 and 29th February 1976 because some of the loans are on floating rate terms and the cost depends partly on the movement of the interest rates concerned. But at present interest and exchange rates the sterling equivalents of interest payments in the specified currencies are running at annual rates of approximately £320 million, £3 million, £7 million and £2 million.