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Commercial Borrowing Mirage

In: The Development Business

Author

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  • Michael McWilliam

Abstract

The election of a Conservative government in May 1979, led by Mrs Thatcher, wrong-footed both ODA and CDC. Whereas Labour policy had been for an expanding aid programme, the new government’s determination to restrain the growth of public expenditure resulted in an immediate cut.1 In June a reduction of £50 million for the current year’s budget was announced. Already, ODA was in trouble with the Treasury for overspending its 1978–79 budget. To mitigate the situation, it had made a plea to CDC to refrain from drawing £15 million of its loan allocation (out of £34 million) in March, against an understanding that it would be restored in the following financial year. CDC acceded reluctantly, and then the change of government took place. This resulted in ODA’s separate ministry status being abolished and, instead, it was made a department of the Foreign and Commonwealth Office.

Suggested Citation

  • Michael McWilliam, 2001. "Commercial Borrowing Mirage," Palgrave Macmillan Books, in: The Development Business, chapter 11, pages 119-128, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50427-1_11
    DOI: 10.1057/9780230504271_11
    as

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