§ Mr. Mayhew
asked the Chancellor of the Exchequer what proportion of the interest on the national debt was paid, in the past year for which figures are available: (a) to overseas investors, (b) to gross funds, such as pension funds and (c) to investors Hable to United Kingdom taxation on such interest.
§ Mr. Dell,
pursuant to his reply [Official Report, 8th March 1976; Vol 907, c. 87], answered as followsThe information requested is not available. But the estimated proportion of the National Debt at 31st March 1975 held by the categories requested was:
Approximate Percentage (a) Overseas Holdings 13 (b) Superannuation Funds 5 (c) Other market holdings of National Debt (excluding Local Authorities)1 53 712 1 Generally liable to United Kingdom taxation on interest. But includes some holdings which are exempt from taxation such as those held by charities, trade unions, and individuals below the taxable limit. 2 The bulk of the remaining percentage is accounted for by official holdings of debt; it also includes a small amount for local authority holdings which are exempt from taxation.
Source: Bank of England Quarterly Bulletin December 1975.
This provides a very rough guide to the proportion of the interest on the national debt paid to each type of holding.
§ Mr. Newton
asked the Chancellor of the Exchequer what is the total expenditure provision contained in Command Paper No. 6393, over the four years 1976–77 to 1979–80 as a whole, for each of the following items: the National Enterprise Board, the British National Oil Corporation, 178W assistance to British Leyland, assistance to Chrysler (United Kingdom) Ltd., industries proposed to be nationalised under legislation presently before Parliament, the Community Land Scheme, municipalisation of private housing, replacing loss of revenue arising from the proposed phasing out of pay beds in National Health Service hospitals, and expenditure arising from the proposals contained in the Education Bill.
Barnett, pursuant to his reply [Official Report, 8th March 1976; Vol. 907, c. 87], gave the following replyThe provision contained in Cmnd. 6393 for the four years 1976–77 to 1979–80 for each of the following items is:
£ million at Survey prices National Enterprise Board 9001 British National Oil Corporation 450 Assistance to British Leyland 2001 Assistance to Chrysler (UK) Ltd 73l The Community Land Scheme 3122 Municipalisation of private housing 608 1 Figures are in money terms not constant prices 2 This amount is net of expected sales
No provision has been made for British National Oil Corporation in the years 1977–78 onwards because of the difficulty in estimating the Corporation's capital requirements. As explained in Chapter 5 of Cmnd. 6393, no expenditure is included at this stage for the establishment of British Aerospace and British Shipbuilders which are subject to the passage of the Aircraft and Shipbuilding Industries Bill now before Parliament. It is too early to assess the capital expenditure of the two Corporations which will be a claim on the Contingency Reserve.
The Education Bill has net public expenditure implications in respect of grants to voluntary aided schools and of school milk. The cost of the former is minimal. As for school milk, the expenditure consequences will be determined only after consultation with local authorities.
The provision required for the phasing out of pay-beds in National Health Service Hospitals will be contained within the total of £128 million for Hospital and Community Health Services shown in table 4.6, section 4, of the White Paper.