HC Deb 14 December 1971 vol 828 cc240-1
9. Mr. Redmond

asked the Chancellor of the Exchequer what is the total of interest and charges paid by the United Kingdom so far in 1971 on official short-and medium-term borrowings made since October, 1964 from the International Monetary Fund and central banks; and how this compares with the years 1965 to 1970, respectively.

Mr. Maurice Macmillan

In the first three quarters of 1971 about £23 million. With permission, I will circulate the remaining figures in the OFFICIAL REPORT.

Mr. Redmond

That is a little awkward. We might have had a comparison of the figures. If we had, could not we have seen that there has been a great reduction in interest rates? If so, could great publicity be given to it, because that would encourage industry to invest and give it confidence in the future?

Mr. Macmillan

I am sorry to have caused my hon. Friend embarrassment. It is true that there is satisfactory reduction in the amount of debt outstanding and, therefore, in the amount of interest payments.

Following is the information:

Year Amount (million)
1965 16.0
1966 23.4
1967 31.9
1968 83.6
1969 138.4
1970 73.5