HC Deb 18 November 1976 vol 919 cc683-4W
Mr. Woof

asked the Chancellor of the Exchequer what is the total cost per annum of servicing the British overseas debt incurred in April 1974.

Mr. Robert Sheldon

I assume that my hon. Friend mainly has in mind the $2.5 billion Government loan announced on 26th March 1974. At current interest rates, the interest cost of this loan is running at about $160 million per annum. Several foreign currency loan operations for nationalised industries and local authorities were also concluded in April 1974. The servicing cost of these loans is currently equivalent to about $65 million per annum.