§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer how much foreign investors have contributed to the public sector borrowing requirement in 1991 and 1992; what is the forecast for 1993 and 1994; what is the annual cost of servicing this increase in overseas debt from 1991 to date; what is his forecast for the rest of 1993 and 1994; and how the increase in the payments deficit will be financed.
§ Mr. NelsonAnnual net official sales of British Government stocks to the overseas sector for 1991 and 1992 appear in table 3.5 of the March 1993 edition of "Financial Statistics". Official forecasts of the level of such sales to the overseas sector are not available.
Statistical estimates of the interest paid to the overseas sector on holdings of British Government stocks are available on the Central Statistical Office databank, series XAMF, which is available in the Library. Official forecasts of the annual level of interest payable to the overseas sector on British Government stocks are not available.
The current account deficit forecast for 1993 is small as a percentage of gross domestic product and is expected to be readily financeable, and the measures put in place in the Budget should help to strengthen the United Kingdom's trade position over the years ahead.