asked the Minister for Finance if he will give a breakdown of the component parts of our national debt, including the specific amounts owed by Government Departments, State and semi-State bodies and all public authorities; and if he will make a statement on the matter.
Written Answers. - National Debt.
52.
The national debt is usually taken to refer to Exchequer debt. It does not include the accumulated debt of State-sponsored bodies and other public authorities. Government Departments do not have any borrowing in their own right as all Exchequer borrowing is undertaken by the Minister for Finance.
As of 31 December 1986 the national debt was £24,416 million. The separate accumulated debt of State-sponsored bodies was £4,519 million and that of other public authorities was £85 million.
In the ten year period to end 1986 the national debt increased almost seven fold; this represents an average annual increase of 21 per cent. This gives the clearest indication of the need to reduce our reliance on borrowing and to restore order to the public finances. A start was made on this task by the Government in the March 1987 budget and the process will be continued under the Programme for National Recovery.