§ Mr. John Greenway
To ask the Chancellor of the Exchequer if he will make a statement on the value to the Government's spending plans arising from lower interest costs on the national debt.
§ Mr. Lamont
General Government gross debt interest as a percentage of GDP has fallen from 5 per cent. in 1981–82 to an estimated 31/2 per cent. this year and is projected to fall to 21/4 per cent. in 1992–93. The fall in the burden of debt interest costs makes room within the medium-term plans for higher spending on priority programmes.