§ 8. Mr. ShersbyTo ask the Chancellor of the Exchequer what are the latest figures for net public sector debt as a proportion of gross domestic product; and what the equivalent figure was 10 years ago.
§ Sir John CopeAt the end of March 1992, net public sector debt amounted to 28½ per cent. of GDP, compared with 47 per cent. at the end of March 1982.
§ Mr. ShersbyIs my right hon. Friend aware that his answer to what I can only describe as the Uxbridge question is most satisfactory and that my constituents will regard it as a record of prudent financial management by the Government, in sharp contrast to that of the last Labour Government? How does the position of the United Kingdom compare with that of our Community partners?
§ Sir John CopeYes, my hon. Friend is quite right. It is a great tribute to Conservative government over the years that we have such a strong position in that respect. Only Luxembourg in the Community has a better ratio of Government debt to GDP.
§ Mr. Nicholas BrownHow much of the change is due to debt repayment and how much to inflation? What contribution has privatisation of public assets made to the change—privatisation which has been carried out, as the hon. Member for Uxbridge (Mr. Shersby) could tell the Paymaster General, at a substantial loss to the public purse?
§ Sir John CopeA whole series of factors have gone into it, not least tight control on Government spending over many years. Debt repayment has been very significant and places us in a much stronger position now.