HC Deb 08 May 1972 vol 836 cc890-1
16. Mr. Rost

asked the Secretary of State for Trade and Industry what was the total debt outstanding to finance houses and retailers at the end of January, 1972; and whether he will make a statement.

Mr. John Davies

The information is given in Table 160 of the Monthly Digest of Statistics for March, 1972. This shows that instalment debt owing to finance houses and retailers totalled £1,643 million.

Mr. Rost

Is this not the highest figure ever and does it not prove that the Government are getting the economy moving again? Will my right hon. Friend tell us when in the past four years the figures were at their lowest?

Mr. Davies

I do not have available the statistics to which my hon. Friend refers. The figure for January was exceeded in February and exceeded yet again in March, so it is correct to say that as an indicator of the level of trade the figures are still fairly encouraging.

Mr. Eadie

Can the right hon. Gentleman tell us what rate of interest was being paid by borrowers to the finance houses?

Mr. Davies

The rate of interest would depend upon the nature of the article. the term of the loan and the validity of the borrower.