§ 6. Mr. Benceasked the Chancellor of the Exchequer what increase has taken place in the cost of the interest paid on the National Debt from 30th November, 1951, to 30th November, 1952.
§ Mr. Boyd-CarpenterThe cost to the Budget of the National Debt charge in this period is estimated at about £95 million more than in the 12 months ended 30th November, 1951; £39 million of this increase was due to the payment in December, 1951, of interest on the U.S.A. and Canadian loans.
§ Mr. BenceIs the hon. Gentleman aware that there will be considerable belief in the country, from the figures just given, that the benefits of many of the Government economies made in the last 12 months were really passed on to the moneylenders?
§ Mr. Boyd-CarpenterI hope that there will always be relief as a result of the answers given from this Bench. The second part of the hon. Gentleman's supplementary question is not a fair statement of the facts.
§ Mr. GaitskellAre we, then, to understand from the reply that the increase in the cost to the Exchequer of the increase 590 in the Bank rate was some £46 million in the last year?
§ Mr. Boyd-CarpenterThe answer, as the right hon. Gentleman will appreciate, relates to the total figure of the National Debt.
§ 7. Mr. Benceasked the Chancellor of the Exchequer what percentage of the National Debt is held by financial institutions, industrial companies, and individuals, respectively.
§ Mr. Boyd-CarpenterI regret that this information is not available.
§ Mr. BenceIs the hon. Gentleman not aware that it would be of great help to the House and to the country if these figures could be given, because we could then see whether these increased interest charges have been passed on to individuals or to moneylending institutions?
§ Mr. Boyd-CarpenterWhether or not it would be of help is, no doubt, a matter of opinion. But it remains an academic question because the information is not, in point of fact, available.