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Foreign Borrowing

Volume 885: debated on Monday 3 February 1975

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asked the Chancellor of the Exchequer (1) what was the average rate of interest paid on British overseas borrowing for each of the last 12 months;(2) if he will publish in the

Official Report a table showing the total amount of British overseas borrowing for each of the last 12 months, indicating the total borrowed from the International Monetary Fund and from other sources, respectively.

The only figures available on a monthly basis are for foreign currency borrowing by the public sector under the exchange cover scheme and drawings on the facility for Her Majesty's Government to borrow $2–5 billion on the Eurodollar market. For 1974 these were as follows:

$ million
Public sector borrowingDrawings on HMG loan
1974—
January12
February20
March682
April749
May124
June165
July10
August125
September309
October10500
November400750
December250
2,6061,500
Most of this borrowing is on a floating basis, with interest rates related to those
£ million
Official long-term capitalNet transactions with IMFNet transactions with other monetary authoritiesPublic sector borrowing overseas
1968+16+506+709
1969-99-30-669+21
1970-204-134-1,161-2
1971-273-554-1,263+65
1972-255-415+864
1973-252+901
1974 (to end-September)-109+704
Because of the very large variety of transactions involved it is not possible to isolate the annual interest payments on each borrowing.Details of other capital and investment flows into the United Kingdom appear on a quarterly basis in "Economic Trends", which is published by the Central Statistical Office. The latest information, which covers the third quarter of 1974, is included in the December issue. There were no drawings on the IMF General Account during 1974.