Below is the text of Mr Major’s written Parliamentary Answer on Debt Repayment on 23rd February 1989.
Mr. Sumberg To ask the Chancellor of the Exchequer how much debt repayment has been made in each of the past two years.
Mr. Major The public sector debt repayment (PSDR) in 1987–88 was £3.5 billion. In 1988–89, the PSDR now looks likely to be somewhat higher than the £10 billion forecast in the Autumn Statement. This will be the first time that we have seen two successive years of public sector debt repayment since the beginning of the 1950s.