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United Kingdom Gifts And Loans

Volume 486: debated on Tuesday 10 April 1951

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asked the Chancellor of the Exchequer the amounts made in gifts and loans by the United Kingdom to countries in need of reconstruction and development in Europe, the Common wealth and elsewhere, during the same period as the United Kingdom received 2,694,000,000 dollars under the European Recovery Programme.

It is impracticable to base an answer on whether particular countries concerned are in need of reconstruction and development. During the financial years 1948–49 to 1950–51 the United Kingdom made gifts and loans to other countries totalling £290 million. This figure includes net drawing rights exercised on the United Kingdom under the Intra-European Payments Schemes and the use of our initial debit balance under the European Payments Union, but excludes contributions and subscriptions to U.N.R.R.A. and other international agencies. It also excludes sums amounting to £55 million in respect of colonial war damage compensation which are promised and to be made available as required.