167 Mr. Cox asked the Minister for Finance the total cost, in terms of interest and principal, of the redemption of the national debt in 1993.

As set out in the White Paper on Receipts and Expenditure, the cost of servicing the national debt in 1993 was £2,389.712 million including interest payments totalling £2,158.807 million, together with sinking fund contributions and expenses of issue and management of securities amounting to £230.905 million.

Scheduled and other payments of debt amounting to £2,690 million were refinanced by the issue of new debt.

Short-term debt and personal savings were also refinanced on redemption throughout the year.