§ Mr. Ripponasked the Chancellor of the Exchequer what proportion of public 414W expenditure is currently represented by debt interest; and to what extent he estimates that proportion would rise in 1977–78 and 1978–79 if present interim rates are maintained.
§ Mr. Joel Barnett,pursuant to his reply [Official Report, 21st January 1977; Vol. 924, c. 351], gave the following information:
The proportion in 1976–77 is estimated at 3 per cent., with both debt interest and public expenditure defined as in the forthcoming public expenditure White Paper. If interest rates remained at their present levels throughout the period, the proportion would be about 4 per cent. in 1977–78 and 5 per cent. in 1978–79.