§ Mr. Meacherasked the Chancellor of the Exchequer what is the current level of the Government's total borrowing requirement; and what it has been at a comparable time during each year since 1960.
§ Mr. NottThe central Government borrowing requirement for the financial year 1973–74, cumulative to the end of August, stood at £1,149 million. Comparable figures for earlier years are available only from 1969–70 and are tabulated below:
CENTRAL GOVERNMENT BORROWING REQUIREMENT (Monthly figures) £ million unadjusted Cumulative to end of August— 1969–70 -296 1970–71 -61 1971–72 356 1972–73 591 Quarterly figures are available for a longer period, from 1962–63, but for 1972–73 are available only up to the end of the June quarter, when the central Government borrowing requirement stood 55W at £823 million (£717 million seasonally adjusted). Comparable figures on this basis are:
CENTRAL GOVERNMENT BORROWING REQUIREMENT (Quarterly figures) £ million Unadjusted Seasonally adjusted Cumulative to end of the June quarter— 1962–63 266 N.A. 1963–64 274 85 1964–65 232 8 1965–66 485 257 1966–67 448 223 1967–68 423 295 1968–69 403 230 1969–70 -230 -412 1970–71 -120 -221 1971–72 25 -50 1972–73 416 341 Both monthly and quarterly figures of the central Government borrowing requirement are published in Financial Statistics (Table 15 in the September
INSTALMENT CREDIT OUTSTANDING Changes on same month in preceding year (Figures relate to end of period) £ million Year January February March April May June 1960 … … 297 294 301 305 288 258 1961 … … 69 48 31 8 5 7 1962 … … -10 -20 -43 -52 -63 -65 1963 … … -25 -15 1 12 24 33 1964 … … 94 110 123 132 136 146 1965 … … 166 165 167 169 175 169 1966 … … 121 111 85 67 53 30 1967 … … -160 -177 -188 -201 -219 -220 1968 … … -21 7 42 53 68 69 1969 … … 30 17 -3 -2 -2 4 1970 … … -13 -4 -4 7 20 22 1971 … … 93 102 83 90 90 89 1972 … … 255 259 314 321 354 386 1973 … … 451 474 504 512 487 478
£ million Year July August September October November December 1960 … … 230 215 177 150 124 91 1961 … … 14 11 8 4 -4 0 1962 … … -71 -69 -56 -50 -42 -35 1963 … … 38 48 54 65 76 84 1964 … … 152 155 162 166 172 166 1965 … … 165 156 137 133 124 121 1966 … … 15 -16 -45 -76 -104 -134 1967 … … -210 -184 -151 -110 -67 -40 1968 … … 65 67 65 58 48 46 1969 … … -5 -9 -13 -21 -26 -20 1970 … … 31 46 52 65 69 84 1971 … … 97 134 174 200 228 240 1972 … … 414 408 395 397 416 424 1973 … … 466 467 — — — — The kinds of retail business covered by the official statistics were increased as from October 1964. The figures shown for the months October 1964 to September 1965 inclusive have been calculated using data adjusted to the earlier
56W1973 issue). Cumulative monthly figures do not agree precisely with the quarterly figures because of adjustments, incorporated in the latter, for accrued interest on national savings and issued coin. Seasonally adjusted quarterly figures are published in the Bank of England Quarterly Bulletin.