HL Deb 12 June 1969 vol 302 cc772-3

3.12 p.m.

LORD BARNBY

My Lords, I beg leave to ask the Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask Her Majesty's Government what is the total amount of short-term internal debt maturing in the second six months of this year; what is the amount of maturing external debt renewed to date this year; also the total amount of internal and external debt falling due for repayment or renewal during the remainder of this year.]

LORD BESWICK

My Lords, it is not yet possible to estimate the amount of short-term internal debt which will mature in the second six months of this year. Much of this debt is in the form of Treasury Bills issued for three months or less, or Ways and Means advances. All external debt maturing this year to date has been repaid. None has been renewed.

During the remainder of this year, Government Stock totalling £412 million falls due for redemption; and repayments of £261 million fall due on loans to Her Majesty's Government from overseas (including £167 million to the International Monetary Fund). What I have said does not cover transactions between central banks, details of which it is not customary to disclose.

LORD BARNBY

My Lords, arising out of that reply and because the figures require some digesting, will the Minister, with a view to amplifying them, be prepared, should I put down a Question for Written Answer, to indicate in regard to them what is the average total debt service per annum for the life of this Government and compare it with the average of the much-maligned 13 years of the previous Administration?

LORD BESWICK

My Lords, I am bound to say, with all due respect to the noble Lord, that I should not have thought that an average in this matter would be very sensible; but I shall always be glad to find any available information for any Question that is put down.

LORD BOOTHBY

My Lords, arising out of the noble Lord's Answer, does he realise that the proposed issue of an unlimited amount of Special Drawing Rights which have no gold cover is calculated only to increase inflation and our own external indebtedness, and that the ultimate solution of this problem can lie only in a rise in the price of gold and the abandonment of fixed exchange rates, which no longer reflect reality?

LORD BESWICK

My Lords, I must refer the noble Lord to a debate which we had recently and which I thought answered conclusively the view which the noble Lord has now put forward again.

LORD FRASER OF LONSDALE

Not conclusively.