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Volume 389: debated on Tuesday 25 May 1943

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asked the Chancellor of the Exchequer whether, in view of the fact that we pay 3 per cent. on £90,819,000 borrowed from the United States of America for war purposes, he proposes to invite the United States of America to borrow a similar amount from us at 3 per cent. to pay for a portion of supplies and services now rendered by us to the United States of America under Lend-Lease or to make other- suitable arrangement to the same effect?

No, Sir. This would not be in accordance with the Reciprocal Aid Agreement of 3rd September, 1942 (Cmd. 6389).

In view of the fact that probably most of the £90,000,000 mentioned was bogus bank-manufactured money, would it not be at least a gracious thing for the Government of the United States to suspend payment of interest for the duration of the war?