§ Mr. Wrigglesworthasked the Chancellor of the Exchequer whether he has yet reviewed the rate of domestic credit expansion in accordance with paragraph 18 of his letter of 15th December 1976 to the Managing Director of the International Monetary Fund.
§ Mr. HealeyYes. I have today sent the following letter to Mr. Witteveen
In my letter to you of 15th December, 1976, I stated that it was my intention that domestic credit expansion should be kept to £7.7 billion in the twelve months ending 19th April, 1978. I also indicated that I intended to review this figure early in the financial year. I have now undertaken this review and concluded that this amount is adequate to meet the prospective financial requirements of industry for investment and expansion.