§ Mr. LEES-SMITHasked the Chancellor of the Exchequer in what period the internal debt would be paid off by an accumulative sinking fund of £75,000,000 per annum?
§ Mr. McNEILLThe period cannot be determined unless the rate of interest at which the Sinking Fund will accumulate is specified. The hon. Member is himself quite capable of making the necessary assumptions and calculations. His question appears to imply the continuance of the present provision for the interest charge on the internal debt plus the full charge for interst and repayment of external debt plus £75,000,000 a year. On such a basis I do not see how the period required to repay the internal debt could well exceed 44 years.