Gross Domestic Product

House of Lords written question – answered at on 9 December 2010.

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Photo of Lord Barnett Lord Barnett Labour

To ask Her Majesty's Government what will be their annual interest payments in 2015 (a) assuming interest rates remain the same as now, (b) assuming they are 1 per cent higher, (c) assuming they are 2 per cent higher, (d) assuming they are 3 per cent higher; and what would be the percentage of gross domestic product represented in each case.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

Central government gross debt interest payments for 2009-10 to 2015-16 are published in Table 4.14 of the Office for Budget Responsibility's Economic and Fiscal Outlook (available at: uk/econ-fiscal-outlook.html).

The effect on the debt interest forecast of a rise in gilt rates of 1 per cent is shown in Table 4.20 of the above document. These figures may be scaled up to give larger changes in gilt rates.

Nominal gross domestic product (GDP) for 2009-10 to 2015-16 is shown in Table 4.2 of the same document. For 2014-15, the tables show central government gross debt interest to be forecast at £58.9 billion and nominal GDP at £1,817 billion.

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