HC Deb 08 May 1923 vol 163 cc2150-1
52. Mr. LEACH

asked the Chancellor of the Exchequer what would be the annual saving of the interest charge on the National Debt if the present scrip holders could be persuaded to accept a funding scheme based on the same reduction of interest as has been accepted by the United States Government?


The average interest on our debt, excluding Floating Debt, is about 4½ per cent., and including Floating Debt would be less. This interest is practically all liable to Income Tax and Super-tax and, if allowance is made for this fact, does not compare unfavourably with the rate which we shall pay to America.