Public sector debt: end March 1997

Quarterly Bulletin 1997 Q4
Published on 01 December 1997

● In 1996/97, the nominal value of the public sector’s net debt rose by £28 billion to £350 billion, an increase of 1 percentage point to 45% of GDP. The increase was largely because of a £27 billion rise in public sector gross debt; public sector holdings of liquid assets were virtually unchanged.

● Central government gross debt rose by £29 billion to £401 billion. Market holdings of gilts and National Savings products rose by £28 billion and £5 billion respectively; holdings of Treasury bills fell by £6 billion.

● The ratio of general government consolidated gross debt to GDP increased slightly to 54.5% at end March 1997, remaining well within the reference value of 60% laid down by the Maastricht Treaty. The general government financial deficit fell further to 4.2%, but remained above the 3% ceiling. The box on pages 358–59 looks at the procedures followed by the Statistical Office of the European Union (EUROSTAT) when interpreting the Maastricht convergence criteria relating to debt and deficit.

PDFPublic sector debt: end March 1997

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