National Debt (Hansard, 4 July 1962)

§ Mr. Iremonger
asked the Chancellor of the Exchequer what proportion of total Government current expenditure was devoted to servicing the National Debt in the years 1951, 1957 and 1961; and if he will state the average Bank Rate rate in each of those years.
70W

§ Mr. Barber
The information is as follows:

Calendar Year National Debt interest† Total Government current expenture† Debt Interest as a percentage of total current expenditure Average Bank Rate^*

£ million £ million Per cent. Per cent.

1951 … 550 4,067 13.5 2.1

1957 … 707 5,555 12.7 5.6

1961 … 908 7,307 12.4 5.7

^* Calculated by reference to the periods during which each rate was in operation.

† As defined in the National Income Blue Book.

§ Mr. Iremonger
asked the Chancellor of the Exchequer if he will publish figures for the years 1951 to 1962 giving the size of the National Debt expressed as a percentage of the national income.

§ Mr. Barber
The figures are as follows:

—— National Debt at 31st March National Income (Gross national product) in calendar year National Debt as percentage of National Income

£ million £ million Per cent.

1951 … 25,922 12,887 201.1

1952 … 25,890 13,982 185.2

1953 … 26,051 14,940 174.4

1954 … 26,583 15,923 166.9

1955 … 26,934 16,861 159.7

1956 … 27,039 18,416 146.9

1957 … 27,007 19,492 138.6

1958 … 27,232 20,281 134.3

1959 … 27,376 21,125 129.6

1960 … 27,733 22,395 123.8

1961 … 28,252 23,703 119.2

1962 … 28,669 ^* ^*

^* Figures not available.

§ Mr. Iremonger
asked the Chancellor of the Exchequer if he will publish figures for the years 1951 to 1962 giving the percentage of the National Debt accounted for in each year by marketable securities, national savings and floating debt, respectively.
71W

§ Mr. Barber
The analysis of the National Debt is as follows:

Outstanding at 31st March Marketable Securities National Savings Securities Floating Debt Other^*

Per cent. Per cent. Per cent. Per cent.

1951 … 49.0 10.2 22.1 18.7

1952 … 53.0 10.1 17.8 19.1

1953 … 53.4 9.9 18.1 18.6

1954 … 54.6 9.6 18.1 17.7

1955 … 54.1 9.7 19.5 16.7

1956 … 55.4 9.7 18.8 16.1

1957 … 56.8 10.0 16.6 16.6

1958 … 56.1 10.1 17.8 16.0

1959 … 54.3 11.1 19.2 15.4

1960 … 53.5 11.9 19.6 15.0

1961 … 56.3 12.4 17.5 13.8

1962 … 53.2 12.5 19.5 14.8

^* Includes Terminable Annuities due to the National Debt Commissioners, Tax Reserve Certificates, Interest Free Notes held by International Financial Organisations, and debt payable in external currencies.

Calendar Year	National Debt interest†	Total Government current expenture†	Debt Interest as a percentage of total current expenditure	Average Bank Rate^*
		£ million	£ million	Per cent.	Per cent.
1951	…	550	4,067	13.5	2.1
1957	…	707	5,555	12.7	5.6
1961	…	908	7,307	12.4	5.7
^* Calculated by reference to the periods during which each rate was in operation.
† As defined in the National Income Blue Book.

——	National Debt at 31st March	National Income (Gross national product) in calendar year	National Debt as percentage of National Income
		£ million	£ million	Per cent.
1951	…	25,922	12,887	201.1
1952	…	25,890	13,982	185.2
1953	…	26,051	14,940	174.4
1954	…	26,583	15,923	166.9
1955	…	26,934	16,861	159.7
1956	…	27,039	18,416	146.9
1957	…	27,007	19,492	138.6
1958	…	27,232	20,281	134.3
1959	…	27,376	21,125	129.6
1960	…	27,733	22,395	123.8
1961	…	28,252	23,703	119.2
1962	…	28,669	^*	^*
^* Figures not available.

Outstanding at 31st March	Marketable Securities	National Savings Securities	Floating Debt	Other^*
		Per cent.	Per cent.	Per cent.	Per cent.
1951	…	49.0	10.2	22.1	18.7
1952	…	53.0	10.1	17.8	19.1
1953	…	53.4	9.9	18.1	18.6
1954	…	54.6	9.6	18.1	17.7
1955	…	54.1	9.7	19.5	16.7
1956	…	55.4	9.7	18.8	16.1
1957	…	56.8	10.0	16.6	16.6
1958	…	56.1	10.1	17.8	16.0
1959	…	54.3	11.1	19.2	15.4
1960	…	53.5	11.9	19.6	15.0
1961	…	56.3	12.4	17.5	13.8
1962	…	53.2	12.5	19.5	14.8
^* Includes Terminable Annuities due to the National Debt Commissioners, Tax Reserve Certificates, Interest Free Notes held by International Financial Organisations, and debt payable in external currencies.