asked the Minister for Finance the amount of debt service for each year from 1977 to 1987 inclusive and as a percentage of the gross national product; and if he will make a statement on the matter.
Written Answers. - Debt Service.
74.
The information requested by the Deputy is provided in the Table below:
|
Year |
Service of Government Debt |
|
|
£m |
% of GNP |
|
|
1977 |
334 |
6.0% |
|
1978 |
418 |
6.4% |
|
1979 |
514 |
6.7% |
|
1980 |
661 |
7.3% |
|
1981 |
885 |
8.2% |
|
1982 |
1,249 |
10.0% |
|
1983 |
1,456 |
10.8% |
|
1984 |
1,705 |
11.6% |
|
1985 |
1,967 |
12.8% |
|
1986 |
1,989 |
12.3% |
|
1987 |
||
|
(Budget Estimate) |
2,146 |
12.4% |
The proportion of our national resources being pre-empted by debt service payments doubled in the decade to 1987. This gives the clearest indication of the need to reduce our reliance on borrowing and to restore order to the public finances. The first steps in this direction were taken by the Government in the March 1987 Budget and progress will be continued under the Programme for National Recovery, so as to ensure that the growth of our national debt and its servicing cost will be brought into line with our ability to sustain them.