HC Deb 14 July 1931 vol 255 cc234-5
46. Mr. A. M. SAMUEL

asked the Financial Secretary to the Treasury if he will state the actual amount of National Debt borrowed in each of the years 1914 to 1924, inclusive, but exclusive of conversion of Debt previously borrowed; the average cost-of-living index (1913 equals 100) for each of those years; and the nominal total of the National Debt at January, 1920, 1924 and 1931?

Mr. PETHICK-LAWRENCE

As the reply is rather long, I will, with the hon. Member's permission, circulate it in the OFFICIAL REPORT.

Mr. THORNE

May I ask whether that return will say the amount of money paid for every £100 borrowed?

Following is the reply:

Changes in the amount of the National Debt can be expressed in terms of either

  1. (a) cash (i.e., surplus or deficit of cash applied to paying off debt over cash raised by fresh borrowing); or
    2. 235
  2. (b) nominal amount (i.e., increase or decrease in the total nominal deadweight debt).

The two methods necessarily differ on account of the issue of stock at a discount below par and for other reasons.

Whichever method is preferred, the figures are given in Command Paper 3821 for each financial year since 1914, the cash figures on page 9, column 13, and the nominal amount figures on page 11, column 8.

The average cost-of-living figure for the financial years mentioned in the question was as follows:

Financial year ending 31st March: Average of Ministry of Labour cost-of-living index (July, 1914 = 100).

1915 … … … … 115*
1916 … … … … 129
1917 … … … … 154
1918 … … … … 182
1919 … … … … 211
1920 … … … … 218
1921 … … … … 255
1922 … … … … 210
1923 … … … … 180
1924 … … … … 174
* Average for period from outbreak of War to the 31st March, 1915.

In reply to the last part of the question it is difficult to give figures except for the last day of the financial year and perhaps the hon. Member's purpose would be served by the particulars given on page 11, column 9, of the Command Paper referred to above.