asked the Chancellor of the Exchequer by how much national insurance contributions by employees have risen during each of the past three years for which figures are available; and as against income tax during that period what proportion of revenue the national insurance contributions raised.
The last year for which figures are available is 1980–81; on a United Kingdom basis the information is as follows:
[pursuant to his reply, 5 April, 1982, c. 221]: The cost of servicing indexed borrowing is included in the figures for both net and gross debt interest shown in the "Public Expenditure Plans", Cmnd. 8494. This includes both indexed gilts and index linked national savings. As in the national accounts, the index linked capital uplift as well as the interest at the coupon rate is treated as debt interest as it accrues. The capital uplift is calculated by reference to the amounts of such debt issued and the estimated rate of inflation. The figures shown below are only estimates because the precise amount of indexed borrowing cannot be known in advance. The Government do not have a target for the share of debt to be raised in indexed form. Indexed instruments will be sold alongside conventional ones. The shares will depend on demand.
|Cost of Serving Indexed Borrowing by Central Government Included in Public Sector Debt Interest
|Total public expenditure effect