§ Dr. Reginald Bennettasked the Chancellor of the Exchequer what is the weighted average running yield on the gilt-edged securities sold by Her Majesty's Government to private sector and foreign purchasers during the past 12 months.
§ Mr. Denzil DaviesThe information is not available to answer precisely the hon. Gentleman's Question. During the past 12 months, 15 new conventional gilt-edged tap stocks have been issued. The weighted average flat yield, based on their issue prices, of these stocks was 10.9 per cent. In calculating this figure the two variable rate stocks issued earlier this year were excluded; tranches of stocks reserved for the reduction of the National Debt were excluded; no allowance was 261W made for stocks taken up by the Issue Department of the Bank of England at the time of issue and subsequently sold at prices other than their issue prices or for sales of stocks other than tap stocks.