HC Deb 27 July 1961 vol 645 cc606-7
41 and 42. Mr. F. M. Bennett

asked the Chancellor of the Exchequer (1) what are the total amounts now outstanding of dated and undated Government stocks, respectively;

(2) what presently issued dated Government stocks will be outstanding on and after 1st January, 2000.

The Economic Secretary to the Treasury (Mr. Anthony Barber)

£12,197 million of dated stocks and £3,692 million of undated stocks were outstanding on 31st March, 1961. The following dated stocks have final redemption dates after 2000 A.D.: 3½ per cent. Funding Stock 1999–2004, 5½ per cent. Treasury Stock 2008–12, 2½ per cent. Treasury Stock 1986–2016.

Mr. Bennett

Bearing those figures in mind, could my hon. Friend tell the House what would be the consequences referred to by his hon. Friend the other day which would flow from the fixing of a date for 3½ per cent. War Loan after the expiry of the dated stocks he has mentioned? What would be the cost to the Exchequer? Surely he should welcome a suggestion which might bring about a stabilisation of gilt-edged securities at a rather difficult time?

Mr. Barber

I would hesitate to hazard a prediction about the problems of debt management forty years from now. There is nearly £11,000 million of stock maturing between now and then which will have to be re-financed and which ought to be taken into account.

Mr. Bennett

I asked what the consequences would be provided this took place after, not before or during, the dates my hon. Friend mentioned. The fact that there are £11,000 million meanwhile is irrelevant to that question.

Mr. Barber

I am saying that I cannot say now what the problems will be during the period between now and 2000 to which my hon. Friend referred. That obviously has a bearing on the matter. As the House will have appreciated, economic circumstances change rather quickly these days.