asked the Minister for Finance the amount of interest paid (a) on the national debt in 1981; and (b) the amount of interest expected to be paid in 1982.
Ceisteanna — Questions. Oral Answers. - National Debt Interest.
14.
(Clare): The interest paid on the national debt in 1981 was £947.3 million and the estimated figure for 1982 is £1,300 million.
Lest we should let this milestone pass without referring to it, is it the case that the current year in respect of which the Minister has given a forecast will be the first year in which interest alone on the national debt will have exceeded £1 billion, and exceeded it substantially?
(Clare): The figure for 1982 exceeds £1 billion. That was not the case last year.
This, then, is the first time that the figure has exceeded £1 billion — and exceeded it handsomely?
(Clare): All of the interest does not accrue in the year in which the money was borrowed. Therefore, the heavy interest for this year is accruing on the basis of last year's borrowing.
In other words, the situation will be worse next year.