chex.jp/jh/29
NCELLOR OF
THE
EXCHEQUER
Mr. Batil HAD of Ps/Lord
Ps/ Lord Caithness Si Coles
м, вито
Treasury Chambers, Parliament Street, SWIP 3AG
071-270 3000
Arbor, еле
(77)
Stephen Wall Req LVO Private Secretary to the
Prime Minister
10 Downing Street LONDON
SW1A 2AA
6 June 1991
I Stone
m
нив 182 13
Mr Ferifi
Pa m
Dear Staflen,
จ
HONG KONG: HMG INVOLVEMENT IN AIRPORT FUNDING
73
The Chancellor has seen Simon Gass's letter of 31 May to you about the airport project.
The Chancellor agrees very strongly that ATP funding would be most inappropriate for this project. The Chancellor has also noted the Foreign Secretary's comment that ECGD cover will be needed if British companies win large projects in the airport scheme, While the Chancellor agrees that a detailed discussion of this issue is unnecessary at present, it is important to note that ECGD already has exposure of £2.3 billion to Hong Kong, which is several times greater than the PMS prudent figure. We would need to be very cautious about adding further to this; and any addition would certainly need to be contained within the Amber Zone Budget for the year in question.
I
am
copying
this
letter
to
Martin Stanley (DTI), (Cabinet Office).
Suma Chakrabarti (ODA)
Simon Gass (FCO), and Sonia Phippard
Yours,
Jay
JEREMY HEYWOOD
Principal Private Secretary
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