§ 4. Mr. Michael Shawasked the Chancellor of the Exchequer how much United Kingdom official medium and short-term overseas debt was outstanding at the end of September, 1970.
§ Mr. Maurice Macmillan£1,611 million.
§ Mr. ShawDoes not that figure continue to show the true inheritance of the present Government, when one bears in mind that the figure was some £71 million in 1964? What change does my hon. Friend expect to have taken place since September?
§ Mr. MacmillanThis reflects the very heavy burden of debt inherited by the 296 present Government. The levels of outstanding debt are lower. We have made some repayment and, although in the third quarter there was a slight increase in debt, it was a temporary setback. In the fourth quarter, we seem to be getting back to repaying the debt and continuing to improve the position.