§ Mr. MitchellTo ask the Chancellor of the Exchequer what sum he expects to receive from allocation of licences for the new generation of mobile telephones; and what assessment he has made of the effects of(a) his proposed use of it to redeem national debt and (b) such planned redemption on the maximum annual debt in sterling he can incur under the Maastricht protocol or stability pact. [121076]
§ Mr. Andrew SmithThe total sum of the completed bids from the auction of licences for spectrum to support third generation mobile services in the UK was £22.5 billion. Within any given level for total public spending, less on debt interest will mean more is available for other public services. Total spending will be unchanged from the spending envelope set in the Budget in line with the Government's neutral view of the economy's trend growth and in line with the fiscal rules. The Budget forecast that the stability and growth pact reference levels of 3 per cent. of GDP for the deficit and 60 per cent. for debt are achieved comfortably throughout the next five years.