asked the Minister for Finance the amount by which he envisages the nominal national debt/gross national product ratio will be reduced as a consequence of the reclassification of local loans pursuant to the enactment of the Local Loans Fund (Amendment) Bill, 1987.
Written Answers. - National Debt.
21.
It is my intention at present that the writing off of loans under the provisions of the Local Loans Fund (Amendment) Bill, 1987, should take place on 1 May 1988 — the next gale day in respect of the loans in question. I have set out in a table, which I will circulate in the Official Report, the figures for the national debt and for the national debt-GNP ratio for the years 1980-86 using the national debt figures already published in the finance accounts, together with the adjusted figures and ratios when the national debt figures are revised to take account of the loans which are expected to be written off on 1 May 1988. Over this six year period the rate of change of both ratios is broadly the same.
Table
|
Year |
National Debt |
Adjusted National Debt |
||
|
£billion |
% of GNP |
£billion |
% of GNP |
|
|
1980 |
7.9 |
87.7 |
7.3 |
81.0 |
|
1981 |
10.2 |
93.9 |
9.4 |
86.9 |
|
1982 |
12.8 |
102.9 |
11.8 |
95.2 |
|
1983 |
15.8 |
116.8 |
14.6 |
108.1 |
|
1984 |
18.5 |
126.1 |
17.1 |
116.7 |
|
1985 |
20.4 |
133.2 |
18.8 |
122.9 |
|
1986 |
24.4 |
150.7 |
22.6 |
139.5 |