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National Debt

Volume 975: debated on Wednesday 5 December 1979

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asked the Chancellor of the Exchequer what is the average rate of interest on the Government's funded debt, distinguishing between long, medium and short-term debt; what where the comparable figures for 1959 and 1969; and what is the nominal value and total interest payable each year on such debt issued since the general election.

Interest paid as a percentage of Government stocks outstanding for the years in question was as follows:

Per cent
Financial years0–5 years5–15 yearsOver 15 years
1959–604·46·93·5
1969–705·63·94·7
1978–798·68·88·1
The nominal value of Government stocks issued since 4 May 1979 is £10,550 million and in a full year the interest payable is £1,277 million.

asked the Chanvcellor of the Exchequer if he will publish in the Official Report information showing gross interest on the national debt as a proportion of gross national product in each year from 1952 to date.

Interest on the national debt as a proportion of gross national product is shown in the table below.

19524·0
19533·8
19543·7
19553·9
19564·0
19573·7
19583·7
19593·5
19603·6
19613·6
19623·3
19633·3
19643·1
19653·1
19663·1
19673·3
19683·0
19693·0
19702·8
19712·8
19722·9
19733·1
19743·3
19753·3
19763·6
19773·6
19783·9