§ 32. Mrs. Knightasked the Chancellor of the Exchequer what level his Department assumed for the National Debt and for Bank Rate in estimating central Government debt interest payments in 1970–71; and what is his estimate of the saving in 1971–72 and 1972–73 from interest rates ½per cent., 1 per cent., 1½ per cent., 2 per cent., 2½ per cent., or 3 per cent. lower.
§ Mr. William Rodgers:The National Debt figures used in estimating central Government debt interest payments in 1970–71 were £33,070 million outstanding at 31st March, 1970, reducing by £1,062 million during the year. Bank Rate was taken at 7 per cent. I am not prepared at this stage to give estimates of the effect of varying the rates of debt interest payments by the central Government.