§ Lieut.-Colonel A. POWNALL asked the Chancellor of the Exchequer, in reference to the recently revised Estimates for a normal year, how long it will take the sinking fund of one-half per cent., amounting to £32,000,000, and the further provision of £148,100,000 for debt redemption to pay off our national debt?
§ Mr. CHAMBERLAIN: £32,500,000 represents one-half per cent. on a debt of £6,500,000,000, and on a 5 per cent. basis would redeem that amount of debt in 50 years. £180,000,000 on the same basis would complete redemption in 22 years. But my hon. and gallant Friend must not assume that I am of opinion that the sum of £180,000,000 a year will or ought to continue to be provided for debt redemption throughout the currency of the War debt, and he must give due weight to the assumptions as regards debt held by foreign Governments set out in Command Paper 779.