§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer if he will publish in the OFFICIAL REPORT the schedule of capital and interest payments on moneys borrowed by the local authorities, the nationalised industries and Her Majesty's Government to finance the payments deficit since the beginning of 1972.
§ Mr. DellNo drawings have yet been made under Her Majesty's Government's foreign currency loan facility. Amounts drawn will be repayable in four equal annual instalments from the seventh year after the drawing. Repayments of principal on loans raised in foreign currency for domestic purposes by nationalised industries and local authorities since 1st January 1972 are due as follows:
US $ million 1978 537 1979 784 1980 841 1981 684 1982 418 1983 377 1984 118 1985 18 1986 20 1987 22 1988 25 It is not possible to estimate precisely the amounts payable in interest since a large part of this borrowing is on floating rate terms. At present rates, interest payments up to the end of 1977 would amount to some $375 million a year.
§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what is now his estimate of the percentage share of national resources to be pre-empted by the public sector in 1974–75, including transfer payments but excluding debt interest.
§ Dr. GilbertThe ratio of total public expenditure, including transfer payments other than debt interest, to gross domestic product at factor cost in 1974–75 is estimated at from 48 to 49 per cent. Transfer payments do not of course represent the direct pre-emption of resources by the public sector, although they do268W entail additional final expenditure in so far as they are used for consumption and investment by the private sector.