asked the Minister for Finance the overall cost to the Exchequer in 1981 of servicing the public debt.
Ceisteanna—Questions. Oral Answers. - Public Debt Servicing.
9.
The figure requested by the Deputy is estimated at £984 million.
Would the Minister not agree that this great debt was incurred as part of the job creation programme and would he agree also that, having regard to the figure of 11 per cent given to us yesterday as representing the number out of work—one of the highest figures in Europe—the job creation programme has failed? Also, is it not the position that the figure given in the reply as being the cost of servicing the public debt is just about the amount of money that is taken in by way of taxation generally? Therefore, taking all these facts into consideration, would the Minister not agree that the Government's policies have failed totally and that the country is heading for national bankruptcy?
The Minister would not agree that the country is heading towards bankruptcy. The Deputy overstates the matter. Regarding his suggestion that the money spent on job creation has resulted in failure, he must admit that were it not for the amount spent in that area, the 11 per cent figure referred to earlier would be much higher.
It is 11 per cent.
Is the Minister aware of any other country in Europe in which the cost of servicing the national debt almost absorbs in full the entire revenue from income tax as is the case here?
I do not have that information here.
What is the specific proportion per £ collected in tax which goes towards servicing the national debt?
I do not have that information here either but I shall pass it to the Deputy later.