This article, which continues the annual series, analyses the national debt by instrument and by holder.
- National savings rose by £4.2 billion over the year and now account for 15% of sterling debt in market hands-the highest proportion for nearly a decade.
- Gilt-edged stocks increased by £6 billion during the year with an appreciable proportion of new stocks issued in index-linked form: the main purchasers were private pension funds.
- External indebtedness fell from 5½% to 4% of the total partly reflecting repayment of syndicated borrowing from the eurocurrency market
The article also describes longer-term trends in the maturity and distribution of the debt, and shows the increasingly important role played by non-bank financial institutions.
Distribution of the national debt at end-March 1982