§ 54. Mr. H. WILLIAMSasked the Chancellor of the Exchequer the amount of interest paid on the National Debt during the first year after the War in which our 1187 Budget was balanced, namely, 1920–21, and during each subsequent year, and the amount expected to be paid during the current year exclusive in the relevant years, of the interest on the debt due to the United States, so that the figures may be comparable; and will he state
| NATIONAL DEBT INTEREST (DEADWEIGHT DEBT). | ||||||
| Year | Total interest paid (exclusive of U.S.A. Government loan) | Cost of Living Index Number. | Equivalent of interest on the basis of present prices | |||
| Yearly Average. | Present. | |||||
| £ | £ | |||||
| 1920–21 | … | … | 325,785,481 | 255 | 176 | 224,855,840 |
| 1921–22 | … | … | 298,486,392 | 206 | 176 | 255,017,488 |
| 1922–23 | … | … | 273,133,269 | 179 | 176 | 268,555,584 |
| 1923–24 | … | … | 276,165,826 | 174 | 176 | 279,340,160 |
| 1924–25 | … | … | 278,002,047 | 175 | 176 | 279,590,600 |
| 1925–26 | … | … | 274,047,000 | — | 176 | 274,047,000 |
| Budget Estimate. |
§ 62. Mr. RENNIE SMITHasked the Chancellor of the Exchequer if, in connection with the preparation of the next Budget, he will recommend legislation for the reduction of interest by 1 per cent. on ail War Loans contracted by the Government during the late world War and not yet redeemed?
§ Mr. CHURCHILLHis Majesty's Government have no intention of repudiating the contractual obligations of the State.