§ Mr. Robert BanksTo ask the Chancellor of the Exchequer what are the amounts of the national debt owing on the day of the spring Budget for each of the last 10 years.
§ Mr. LilleyNational debt is conventionally defined as the liabilities of the national loans fund, which is not the most useful or comprehensive measure of public sector indebtedness. It does not cover the whole of central government, it excludes entirely the debt of other parts of public sector, and it take no account of the public sector's short term assets.
A more useful measure of public sector indebtedness is the net public sector debt which includes debt held by local authorities and public corporations, as well as central Government. It also takes account of the public sector's short term assets. Net public sector debt is measured on 31 March each year, and the figures for the last 10 years are:
£ billion Per cent.of GDP 1978 87.9 54.2 1979 95.3 50.6 1980 102.1 45.6 1981 116. 47.0 1982 127. 46.7 1983 135.0 45.5 1984 147.3 46.2 1985 160. 46.3 1986 166.8 44.8 1987 171. 42.2 1988 171. 38.2 19891 157.0 32.0 1Forecast.