HC Deb 03 May 1938 vol 335 c700W
Sir W. Smithers

asked the Chancellor of the Exchequer whether the amount of the interest charge incurred under the Defence Loans Act, 1937, is included in the estimate for interest and management of the National Debt for the year ending 31st March, 1939, or does any such charge appear only in the Estimates under the heading of Defence expenditure?

Sir J. Simon:

Interest is paid from the Fixed Debt Charge in the year in which the borrowing takes place. The charge to the Defence Votes provided for in Sections 1 (4) and 1 (5) of the Defence Loans Act begins in the financial year next after the borrowing and the Estimates are framed accordingly.