asked the Minister for Finance the projection as of last January of the level of the national public debt at the end of June and the comparative figure as now estimated by him; and if he will indicate the January projection and the present estimate in regard to the position at the end of the year.
Written Answers. - National Debt.
102.
Projections of national debt as such are not made but, of course, projections of the Government's borrowing requirements for each financial period are. These projections and subsequent outturns relate to complete financial periods only. Conditions on both domestic and foreign capital markets can fluctuate considerably over a period of time and the Government can only borrow when market conditions are appropriate. For this reason it would not be meaningful to make borrowing projections for periods of time less than a complete financial period or to compile outturns for such periods.
The Government's gross borrowing requirements for 1975 as set out in my financial statement of 15th January, 1975 amounted to £486 million, made up as follows:
|
(1) sales of securities |
||
|
(a) to public |
£80.0 |
million |
|
(b) to commercial banks |
£85.0 |
million |
|
(2) small savings |
£24.0 |
million |
|
(3) sinking funds |
£36.0 |
million |
|
(4) miscellaneous borrowings |
£3.0 |
million |
|
(5) other, including foreign borrowing |
£258.0 |
million |
|
Total |
£486.0 |
million |
A provision of £40 million has been made for redemptions of existing loans, leaving a net borrowing figure of £446 million for the year.
Revised projections for the year ending 31st December, 1975 will be available after I make my financial statement on 26th June, 1975.
The amount of the national debt is compiled at the end of each financial period. The latest available figure was compiled at 31st December, 1974. At that date the national debt amounted to £1,957 million.