§ 4. Mr. Wingfield Digby
asked the Chancellor of the Exchequer what is the present overseas indebtedness of Her Majesty's Government, distinguishing between short-term and long-term borrowing; and what is the average rate of interest payable and the total annual liability for interest.
§ Mr. Maurice Macmillan
At 31st March, 1970 short- and medium-term borrowing was £1,654 million. Long-term borrowing at 30th June was £2,233 million, including the Lend Lease and post-war loans. The total interest liability in recent months was running at a rate of about £150 million or about 4 per cent. These figures exclude overseas holdings of Government securities.
§ Mr. Wingfield Digby
May I congratulate my hon. Friend on his appointment and ask him whether these figures denote a stronger economy than in October, 1964?
§ Mr. Macmillan
I think it would be fair to say that they denote an exchange of deficit for a rather larger debt.