HC Deb 08 November 1979 vol 973 cc282-3W
45. Mr. Burden

asked the Chancellor of the Exchequer what was the total sum raised in foreign loans in the five years prior to 3 May and the interest payable yearly on the loans at that date.

Mr. Lawson

Over the five years to 3 May 1979, total gross foreign currency borrowing amounted to $26,133 million. Repayments of $7,687 million were made during the same period, leaving $23,421 million of foreign currency debt outstanding on 3 May 1979. Interest on the outstanding debt at that date amounted to $2,175 million per annum. Interest on the loans drawn down in the five years prior to 3 May could be calculated only at a disproportionate cost of time and resources.