§ Mr. Austin Mitchellasked the Chancellor of the Exchequer if he will circulate a table in the Official Report showing the increase in the national debt since May 1979 and the amount of interest paid on this additional debt in a full year in cash terms and as a percentage of gross domestic product.
§ Mr. LawsonDetails of the national debt in May 1979 were not compiled. The most convenient date to take is 31 March. Total national debt at 31 March 1979 was £86,885 million. The provisional total for 31 March 1980 is £95,327 million. Because of the number, timing and variety of different borrowing instruments that constitute the national debt, it is not possible separately to identify interest paid on all additional national debt incurred during a year. However, an approximate indication of the information sought by the hon. Member is given by our forecast that the interest payable in the current financial year on the national debt outstanding on 31 March 1980 will be £9,885 million, £1,595 million more than the equivalent figure for the financial year 1979–80. This increase represents 0.8 per cent. of the 1979–80 gross domestic product at market prices.
§ Mr. Ralph Howellasked the Chancellor of the Exchequer what is his latest estimate of the monthly total of interest paid on the national debt; and how this figure compares with the same month in each of the past five years.
§ Mr. BiffenI shall let my hon. Friend have a reply as soon as possible.