asked the Chancellor of the Exchequer what is the total of foreign borrowing by the nationalised industries to 1st November or the latest convenient date, and that of local government authorities, which he has authorised; and how much of this is in deutsche marks.
The total additional cost has already been given in an answer, but I can repeat that the additional cost to the public sector is broadly equal to the additional benefit accruing from the reduction in the rate of interest.
Will the right hon. Gentleman take into consideration the burden which this will place on our overseas invisible account in the future? Will he and the Chancellor of the Exchequer look into the whole question of public corporation and local authority borrowing which at the moment amounts to £2,000 million a year?
I have already explained that the two items are broadly in balance. The net result, therefore, is that we have replaced short-term borrowing with long-term borrowing of the same amount, and that surely is advantageous.
Will my right hon. Friend bear in mind that it is nothing like the burden which has arisen from the net capital outflow which has restricted our economic growth over the years?