§ 26. Mr. BrazierTo ask the Chancellor of the Exchequer what is the cumulative debt as a percentage of gross domestic product of(a) Britain and (b) other major EU countries. [14198]
§ Mr. WaldegraveThe Budget forecast of the ratio of gross general Government debt (GGGD) to gross domestic product (GDP) was 55¼ per cent. at end-March 1997. The latest European Commission estimates of the corresponding ratios of GGGD to GDP in Germany, France, Italy and Spain at end-December 1996 are 61½ per cent., 56 per cent., 124½ per cent. and 673¾per cent. respectively. The European Commission estimates that Luxembourg is the only EU country with a lower ratio of GGGD to GDP than the UK.