HC Deb 12 November 1969 vol 791 cc114-6W
Mr. J. H. Osborn

asked the Chancellor of the Exchequer what is now the total outstanding overseas indebtedness; and how much of this has been due to debts incurred since 1964 and haw much since 1945.

Mr. Taverne

Her Majesty's Government's indebtedness to overseas Governments and to the I.M.F. at the end of October this year totalled £1,990 million for debts incurred between the beginning of 1945 and 15th October, 1964 (including £275 million arising from the revaluation in November, 1967 of drawings in that period); and £1,436 million incurred subsequently. These sums include long-term borrowing, but exclude sums arising under central bank transactions.

Mr. J. H. Osborn

asked the Chancellor of the Exchequer, assuming the mean of balance of payments surplus estimated for the current year and next year, how long he estimates it will take to pay off all overseas indebtedness, including that incurred since 1964.

Mr. Taverne

I cannot add to the Answer which my right hon. Friend the Chancellor of the Exchequer gave the hon. Member on 4th November.-[Vol. 790, c. 79–80.]

1958–59 1959–60 1960–61 1961–62 1962–63 1963–64
Duty of hydro carbon oils1
Net receipts (£ million) … 350.5 386.3 414-9 516.9 550.5 597.6
Net receipts as a percentage of total government revenue2 … 6.6 7.1 7.2 8.1 8.3 8.9
Net receipts as a percentage of gross national product at factor cost …1.7 1.8 1.8 2.1 2.1 2.1
Motor vehicles licence duties1
Net receipts (£ million) …108.9 112.6 126.9 148.3 159.7 176.9
Net receipts as a percentage of total government revenue2 …2.0 2.1 2.2 2.3 2.4 2.6
Net receipts as a percentage of gross national product at factor cost …0.5 0.5 0.5 0.6 0.6 0.6
Selective employment tax3
Net receipts (£ million) …— — — — — —
Net receipts as a percentage of total government revenue 2 …— — — — — —
Net receipts as a percentage of gross national product at factor cost …— — — — — —

1964–65 1965–66 1966–67 1967–68 1968–69 1969–70
Duty on hydro carbon oils1
Net receipts (£ million) …679.9 784.8 887.5 969.4 1,122.7 1,309
Net receipts as a percentage of total government revenue2 …9.1 9.3 9.6 9.4 9.4 9.5
Net receipts as a percentage of gross national product at factor cost …2.3 2.5 2.6 2.8 3.0 n.a.
Motor vehicles licence duties1
Net receipts (£ million) …194.6 257.3 268.7 295.0 423.8 432
Net receipts as a percentage of total government revenue2 …2.6 3.1 2.9 2.9 3.5 3.1
Net receipts as a percentage of gross national product at factor cost …0.7 0.8 0.8 0.8 1.1 n.a.
Selective employment tax3
Net receipts (£ million) …— — 386.2 467.0 656.4 917
Net receipts as a percentage of total government revenue2 …— — 4.2 4.5 5.5 6.7
Net receipts as a percentage of gross national product at factor cost …— — 1.2 1.3 1.8 n.a.

1 Before deduction of export rebates.

2 Taxes on income, expenditure and capital.

3 The net yield from the private sector and public corporations together with payments of tax by central government and local authorities.