HC Deb 13 May 1924 vol 173 cc1149-50
60. Mr. BLACK

asked the Chancellor of the Exchequer by how much the amount paid off the National Debt since the Armistice exceeds the sums realised by the sale of surplus War assets?


I regret that it is impossible, without a very disproportionate expenditure of time and labour, to give figures on this point. As I explained in my Budget statement, the real reduction of Debt since December, 1919, differs from the figures based on nominal value. Moreover, from the Armistice down to December, 1919, it was still necessary to increase borrowings. On the other hand, it is difficult to define precisely what is meant by surplus War assets, and right down to the current year there has been considerable expenditure on War charges to set against special War receipts.