Willie Penrose
Question:102 Mr. Penrose asked the Minister for Finance the way in which the accumulated budget surplus in 1998 has been used; and if he will make a statement on the matter. [19515/98]
Written Answers. - Budgetary Policy.
In my end-September commentary on the Exchequer statement, I said that it was expected that there would be a surplus in 1998 of the order of £800 million.
At the end of last year the national debt stood at over £30 billion — about £22,000 for every person at work. The interest cost alone this year will be about £2,300 million. In keeping with the objective set out in this year's budget to free up these resources, the surplus for this year will be used to reduce this debt.