Perhaps may I press the Minister a little more on what he said about this Irish loan not adding to the fiscal deficit. I understand that he is saying that it does not add to the fiscal deficit because he is setting off one financial asset against a financial liability. Will he confirm, however, that it will add to the public sector borrowing requirement? Some £2.5 billion will have to be borrowed on the financial markets and be accounted for as part of the public sector borrowing requirement which otherwise would not.
Loans to Ireland Bill
Proceeding contribution from
Lord Davies of Stamford
(Labour)
in the House of Lords on Tuesday, 21 December 2010.
It occurred during Debate on bills on Loans to Ireland Bill.
Type
Proceeding contribution
Reference
723 c1053 
Session
2010-12
Chamber / Committee
House of Lords chamber
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Timestamp
2023-12-15 19:39:14 +0000
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