§ Mr. Skeetasked the Chancellor of the Exchequer if he will specify how the additional £1,186 million incurred in the National Debt between June, 1970 and June, 1971, is made up, detailing the total interest charges incurred and capital transfers; how much of the National Debt has accrued since the end of World War II; and in particular to what extent payments for or in reference to the nationalised industries have increased the National Debt since 1945.
§ Mr. HigginsThe net increase in the National Debt between the end of June. 1970 and the end of June, 1971, amounted to £1,205 million. The principal items contributing to this change are as follows:
309WThe consequent increase in the net annual interest charge cannot be assessed accurately without undue effort but is estimated to be of the order of £90 million. The increase in the debt includes £151 million in respect of capital transfers on stocks issued at a discount during the period.
The increase in the National Debt between 31st March, 1946—i.e. the end of the financial year in which World War II ended—and 30th June, 1971, is £10,456 million.
Advances to the nationalised industries made since 1945 and outstanding at 30th June, 1971, amount to £9,562 million; in addition a further £2,585 million of capital debt—including revenue deficit—has been written off.