§ 29. Sir J. Pitman
asked the Chancellor of the Exchequer if he will estimate the total of Government and local authority borrowing which will be, or will become, repayable on or before 30th June, 1962; what is the total of the corresponding 1640 net liquidity from which such sums would need to be repaid; and what amount has been borrowed from overseas lenders which will be, or will become, repayable on or before that date by all borrowers in the United Kingdom.
§ Mr. Barber
Apart from floating debt and debt repayable on demand the amount of Government borrowing repayable in the year ending 30th June, 1962, is about £930 million. On the basis of the position in March, 1960, about £1,080 million of local authority loan debt is likely to fall due for repayment in the same period.
I regret that the answer to the second and third parts of the Question is not available.
§ Sir J. Pitman
Can the Minister give the House an assurance that, in respect of this £2,000 million of short-term debt, he will ascertain as soon as he possibly can the other two vital factors in the assessment of the situation as regards the national liquidity?
§ Mr. Barber
I was in the difficulty that I did not fully understand what my hon. Friend meant by the reference in his Question to "corresponding net liquidity". If he gives me further information, I will do my best to answer it, but it is difficult in any event, assuming that he is referring to the general credit base, to give an answer with regard to a future date. As regards borrowing from and repayments to overseas lenders, which is the second point in his Question which I am able to answer, I am afraid that figures are not available in the form in which my hon. Friend seeks them, because he referred to all borrowers in the United Kingdom.
§ 30. Sir J. Pitman
asked the Chancellor of the Exchequer if he will estimate the total proportionate amount by which Government and local authority borrowings which will become repayable after 30th June, 1962, will be advancing in a year towards maturity, on the assumption that all such debts which have a compulsive date will be so repaid on the last date and those with a permissive date will be repaid only if the rate of interest is 6 per cent. or more.
§ Mr. Barber
On the assumption given in the Question, the proportion of Government debt, other than floating 1641 debt and debt repayable on demand, which will fall due for repayment in the year following 30th June, 1962, is approximately 8 per cent. It is not possible, at this stage, to calculate with any certainty what proportion of local authority borrowing will fall due for repayment in the period in question. But on the basis of figures relating to the position in 1960 about 17 per cent. of local authority outstanding loan debt is likely to fall due for repayment in the twelve months beginning 30th June, 1962.