Question:
127 Dr. Upton asked the Minister for Finance the amount of national debt for the year ending 31 December 1999 or for the latest 12 month period; and the cost of servicing the national debt for this period. [4168/01]
Written Answers. - National Debt.
Question:
128 Dr. Upton asked the Minister for Finance when the total national debt would be eliminated if no future borrowings were made. [4169/01]
I propose to answer Questions No. 127 and 128 together.
The national debt stood at £28,755 million at end 2000, a reduction of £2,629 million on the end 1999 figure of £31,384 million. Debt service costs for the year 2000 were £2,205 million. This includes an increase of £177 million in the assets of the capital services redemption account. These assets will be available for debt service purposes in future years.
The debt figure normally used for purposes of international comparison is the general Government debt to GDP ratio. Outturn figures for the years 1997 to 2000 and projections for the years 2001 to 2003, as published with budget 2001, are set out below:
General Government Debt / GDP ratio:
|
1997 |
65.1% |
|
1998 |
55.0% |
|
1999 |
50.1% |
|
2000 |
39%* |
|
2001 |
33% |
|
2002 |
28% |
|
2003 |
24% |
* Provisional outturn.
The projected fall in the General Government Debt to GDP ratio in the years 2001 to 2003 is due both to projected increases in GDP and projected falls in the actual level of debt, as budgetary surpluses in each year are applied to debt reduction.
My Department's projections do not extend beyond the three-year multi-annual budgetary time frame. However, the Government's policy is to continue to run budgetary surpluses beyond 2001 as long as economic and social circumstances permit.