§ Mr. Gowasked the Chancellor of the Exchequer what reports he has made to the Chairman of the International Monetary Fund following his statement, in his letter to the Chairman dated 18th December 1975, that an essential element of the Government's economic strategy will be a continuing and substantial reduction in the public sector borrowing requirement.
§ Mr. Robert SheldonThe public sector borrowing requirement was, of course, one of the topics discussed with the IMF during the regular annual Article VIII discussions held in May. The IMF will also be aware of the statement my right hon. Friend made to the House on 22nd July—[Vol. 915, c. 2010].
§ Mr. David Priceasked the Chancellor of the Exchequer how much has been borrowed abroad by local authorities and nationalised industries, respectively, in each year from 1960 to 1975 and in the first nine months of 1976.
478W
§ Mr. Robert SheldonI assume the hon. Member is interested in the foreign currency borrowing of local authorities and nationalised industries. Amounts borrowed prior to 1969 were negligible; the following table gives details of the amounts borrowed between 1969 and end-September 1976:
Nationalised industries £ million 1969 … … 69 1970 … … — 1971 … … 72 1972 … … — 1973 … … 886 1974 … … 942 1975 … … 457 1976 to date … … 1,458
Local authorities 1969 … … 5 1970 … … — 1971 … … 10 1972 … … — 1973 … … 226 1974 … … 325 1975 … … — 1976 to date … … —
§ Mr. Michael Lathamasked the Chancellor of the Exchequer what is the total borrowing overseas by each of the nationalised industries over the last 12 months; and what is the average rate of interest on these borrowings.
§ Mr. Robert SheldonThe total foreign currency borrowing by each nationalised industry over the past 12 months is as follows:
£ million (to nearest
£5 million)
National Coal Board 170 Electricity Council 305 South Scotland Electricity Board 10 North of Scotland Hydro Electricity Board 10 British Gas Corporation 180 Post Office 260 British Rail 45 British Steel Corporation 200 National Water Council 420 It is not possible to give an average rate of interest because some of the loans are on a floating rate basis; but at current interest and exchange rates interest payments on the borrowing over the past 12 months would be running at an annual rate of some £0.15 billion.