asked the Chancellor of the Exchequer whether he will make a statement on the future of the National Debt Office and the Public Works Loan Board.

The National Debt Office and the Public Works Loan Board will be merged on 1 April 1980 to form a new Department to be called the National Investment and Loans Office. This Department will carry out work involved in dealing with the functions of the National Debt Commissioners, the Public Works Loans Commissioners and the Pensions Commutation Board.The functions of the National Debt Office, the Public Works Loan Board and the Pensions Commutations Board will be unaffected. This is an administrative merger designed in the context of the Civil Service manpower cuts exercise. Together with other internal measures it is expected to result in staff savings of some 22 per cent.The National Investment and Loans Office will be under the control of a director who will serve both as secretary to the Public Works Loan Board and Comptroller General of the National Debt Office.