§ 25. Mr. Richard Wainwrightasked the Chancellor of the Exchequer whether he will encourage public corporations to consider repaying foreign currency debt at the earliest feasible dates.
§ Mr. Bruce-GardyneThe policy on the official debt remains as set out by the then Financial Secretary on 11 March 1981. The Government's aim of substantially reducing the size of debt over the life of this Parliament has been achieved. The total amount now outstanding, of around $2½ billion, is the lowest in relation to our foreign currency earnings since the war. Much of the remaining debt is long term and carries low interest rates, and the terms and maturity pattern provide fewer opportunities for early repayment than hitherto.