Extension of Borrowing Powers of Certain Statutory Corporations

Part of Orders of the Day — Statutory Corporations (Financial Provisions) Bill – in the House of Commons at 12:00 am on 21st January 1974.

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Clause 4 could be very much to the advantage of our nationalised industries. According to figures which I have from the Treasury, it is not true that under the Labour Government the Post Office borrowed substantial sums abroad for use in this country. I understand that the borrowing abroad which occurred was for the purpose of developing international overseas installations. However, in more recent times the Post Office decided to borrow substantial sums, and I tell my hon. Friend the Member for Heywood and Royton that that has been very much to the advantage of the Post Office. My hon. Friend shakes his head—