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Public Sector Debt

Volume 928: debated on Friday 18 March 1977

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asked the Chancellor of the Exchequer what, expressed in US $, are the actual payments for the years 1977 to 1985, or in cases where actual figures may not be available, the maximum estimates currently being made, due against foreign borrowings which have been made by, respectively, Her Majesty's Government, local authorities, nationalised industries, and other borrowers so far as their liabilities are known, in each case divided between capital repayment and interest.

Foreign currency borrowing by Her Majesty's Government and public sector bodies which was outstanding at the end of February falls due for repayment broadly as follows:

In this series, it has been assumed that drawings on the IMF oil facility and on the credit tranches will be repaid over the fourth and fifth years after drawing.

A large part of the total amount outstanding is on a floating interest rate basis, with the interest payable in any period determined by the level of Eurodollar interest rates then prevailing. It is thus not practicable to give estimates for interest payments in each year; interest payments are however, currently running at about $1ยท2 billion a year.