§ Mr. Hayhoeasked the Chancellor of the Exchequer if he will publish in the Official Report, from international sources available to him, a table showing for each present member State of the EEC, for each year since 1960, the national debt per head of population in terms of both the relevant local currency and converted to £ sterling at the appropriate exchange rate.
§ Mr Denzil Davies, pursuant to his reply [Official Report, 8th July 1976; Vol. 914, c. 662–3], grave the following information:
The accompanying table gives estimates of central Government debt per head derived from the EEC publication Eurostat; General Statistics" (various issues), and from national statistical publications for the three new member countries. Figures are available only from 1963; for West Germany a change in definition of central Government debt renders figures for years prior to 1966 incomparable with later years. Debt is shown at nominal values. It should be noted that there is no internationally agreed definition of national debt and that the figures in the EEC publication are affected by differences in the pattern of financing of local authorities and public trading enterprises, by the inclusion of official holdings of debt and by inclusion or otherwise of Government controlled credit institutions. Comparisons between countries therefore require great caution. The figures have been converted to sterling on the basis of official or market 115W rates of exchange, which do not reflect relative differences in the purchasing power of the currencies concerned; figures
ESTIMATES OF CENTRAL GOVERNMENT DEBT PER HEAD At 31st March each year United Kingdom West Germany France Italy Netherlands Belgium Luxembourg Denmark Ireland In own currencies £ DM Ffr Lit '000s Fl Fb '000s Flbg '000s Dkr £ 1963 … 560 1,870 114 1,620 47 27 1,560 190 1964 … 560 1,860 118 1,640 48 28 1,410 200 1965 … 560 1,820 123 1,690 50 27 1,150 220 1966 … 570 1,030 1,730 132 1,790 51 30 990 250 1967 … 580 1,160 1,670 123 1,910 54 34 720 270 1968 … 620 1,360 1,850 132 2,070 56 37 920 280 1969 … 610 1,420 1,980 143 2,240 60 38 870 310 1970 … 600 1,310 1,980 164 2,390 62 42 730 340 1971 … 600 1,340 1,970 195 2,570 65 44 30 370 1972 … 640 1,470 1,880 222 2,650 70 44 -20 410 1973 … 660 1,590 1,730 315 2,740 77 44 -470 470 1974 … 720 1,730 1,710 362 2,850 84 46 -1,240 530 116W
Converted to £ sterling at market rates of exchange 1963 … 560 140 70 160 340 190 80 190 1964 … 560 140 70 160 340 200 70 200 1965 … 560 130 70 170 360 190 60 220 1966 … 570 90 130 80 180 370 220 50 250 1967 … 580 100 120 70 190 390 240 40 270 1968 … 620 140 160 90 240 470 310 50 280 1969 … 610 150 170 90 260 500 320 50 310 1970 … 600 150 150 110 270 520 350 40 340 1971 … 600 150 150 130 300 540 370 0 370 1972 … 640 170 140 150 310 600 380 0 410 1973 … 660 230 150 220 390 780 450 -30 470 1974 … 720 280 150 240 450 900 490 -90 530 1975 … 820 Converted to £ sterling on the basis of purchasing power parities* 1970 … 600 130 140 100 ֵ ֵ ֵ ֵ ֵ ֵ Not available. *Source:A system of international comparisons of gross product and purchasing power World Bank 1975; Table 15. are, however, also shown based on the available estimates of purchasing power parities in 1970.