§ 6. Stephen HesfordTo ask the Chancellor of the Exchequer what his estimate is of the cost of servicing Government debt in each of the last five years. [11331]
§ Ruth KellyAs a result of the action this Government have taken to deliver economic stability, such as cutting borrowing, and making the Bank of England independent, Budget 2001 forecast gross debt interest for 2001–02 to be £23.1 billion, £3.0 billion lower than in 2000–01.
The forecast for gross debt interest in 2001–02 is £4.5 billion lower than the cost of debt interest in 1996–97 and £6.2 billion lower than in 1997–98.
Under the last Government, this was money spent on paying the price of economic failure. Under this Government, money saved on debt interest can now be used to invest in Britain's key public service.