As the Chancellor of the Exchequer has been making optimistic speeches about the economic situation in the last week or two, is the Economic Secretary really satisfied that the dollar situation is so bad that we cannot make payments which were made even in 1955 and 1951? If it is as bad as this, should we not be taking some constructive action to improve the position?
I think that the right hon. Gentleman misunderstands the position. Under the loan agreements, as re-negotiated, we have the right to have seven bisques, as they are called, when we can postpone the repayment of the loan and pay the amounts at the end of the period. It seemed, in all the circumstances, that this was a reasonable year to do so.