Below is the text of Mr Major’s written Parliamentary Answer on Debt Repayment on 14th December 1988.
Mr. Butterfill To ask the Chancellor of the Exchequer what will be the total debt repayment paid by Britain in the current year; if he will express the figures as a percentage of gross domestic product; and if he will make a statement.
Mr. Major The public sector debt repayment (PSDR) is expected to be about £10 billion in 1988-89, equivalent to 2 per cent. of gross domestic product. On the basis of this forecast, the PSDR in 1988-89 will be larger as a proportion of money GDP than in any year since the beginning of the 1950s, the earliest date for which figures on this basis are available.