National Debt and Reserves

HC Deb 21 November 1977 vol 939 cc543-4W

Mr. Wakeham

asked the Chancellor of the Exchequer, in the light of his statements that the United Kingdom's debts and reserves are about £20 billion,Official Report, 10th November, columns 875 and 886, what were the analogous figures for 28th February 1974 and 18th June 1970.

Mr. Robert Sheldon

The total outstanding official borrowing abroad and the total official reserves on these dates were:

$billion*
		Total outstanding official borrowing from abroad	Official reserves
End-June 1970	…	8.9	2.8
End-February 1974	…	7.5	6.0
End-October 1977	…	22.0	20.1
* Non-dollar currencies converted to dollars at the parity rates on the dates in question.

As my right hon. Friend said in his speech on 10th November—[Vol. 938, c. 886]—some $20 billion of the official debt now outstanding falls due for repayment in the next six years. The bulk of the remainder consists of the long-term debts from the United States of America and Canada, which fall due for repayment over the years up to 2006.