§ Mr. Tom Benyonasked the Chancellor of the Exchequer, in view of the Government's intention to reduce the rate of inflation to 5 per cent. or under in the next three years, why the Treasury is issuing a long tap stock at 13½ per cent. 2004–8 instead of index-linking the stock with a real yield of 1 per cent.
§ Mr. LawsonI shall let my hon. Friend have a reply as soon as possible.