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1131609

	registered interest
	date	12/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the public sector net debt was in May 2017; and what estimate he has made of level of that debt by May 2022.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	263742
	answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>In May 2017 public sector net debt was 85% of GDP.</p><p>Forecasts for the level of debt are produced by the independent Office for Budget Responsibility. The OBR forecast debt levels at the end of March in each year, and do not provide an estimate of the debt level for each month.</p><p>Debt has begun its first sustained fall in a generation, three years before required by the fiscal rules. At Spring Statement 2019 the OBR forecast the level of public sector net debt in March 2022 will have fallen to 74.9% of GDP.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 17/06/2019 13:38:17 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	1409 label Biography information for Mr Gregory Campbell

1184019

	registered interest
	date	10/03/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate he has made of the level of public sector net debt by March 2022.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	27505
	answer	answer is ministerial correction date of answer 13/03/2020 answer text <p>The government’s medium-term economic and fiscal forecasts are produced by the independent Office for Budget Responsibility (OBR).</p><p> </p><p>The most recent Budget forecast was published on 11 March 2020. In this publication, the OBR’s forecast for the level of public sector net debt is £1827 billion in 2021-22, which is 75.0% as a share of GDP.</p><p> </p><p>On 13 March 2020, the OBR are due to publish a supplementary forecast.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 13/03/2020 10:49:50 answering member 4095 label Biography information for Steve Barclay
	tabling member	1409 label Biography information for Mr Gregory Campbell

1197888

	registered interest
	date	21/05/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government which (1) department, (2) executive agency, (3) board, (4) court, or (5) other body, is responsible for ensuring that the Bank of England’s independence is not compromised through the financing of UK Government debt.
	tabling member printed	Lord Myners
	uin	HL4853
	answer	answer is ministerial correction date of answer 03/06/2020 answer text <p>The Bank of England (the Bank) has statutory responsibilities for monetary policy and financial stability, and independence from the government to carry out these responsibilities as enshrined in the Bank of England Act (1998). The Bank is accountable to both the public and to Parliament, through scrutiny by the Treasury Committee.</p><p> </p><p>The remit of the independent Monetary Policy Committee (MPC) is set by the Chancellor, and is reaffirmed annually through an exchange of open letters with the Governor of the Bank.</p><p> </p><p>The separation of monetary and fiscal policy is a key pillar of the government’s macroeconomic framework. As such, the responsibility for financing the government’s needs was transferred from the Bank to the UK’s Debt Management Office (DMO), an executive agency of HM Treasury, in 1998. The Treasury sets the DMO’s objective for debt management independently of monetary policy.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 03/06/2020 16:22:14 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	3869 label Biography information for Lord Myners

1240872

	registered interest
	date	06/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate he has made of the level of public sector net debt as a share of GDP, on 1 September 2020.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	99537
	answer	answer is ministerial correction date of answer 12/10/2020 answer text <p>The Office for National Statistics (ONS) publishes regular data on the public sector finances including for end-month Public Sector Net Debt. Public sector net debt was 101.9% of gross domestic product (GDP) at 31st August 2020. The next ONS Public sector finances release is expected on the 21<sup>st</sup> of October 2020.</p><p> </p><p>Our fiscal response has been the right thing to do to support jobs, livelihoods and the economy, and will ensure stronger public finances over the longer term. Although this will lead to a rise in borrowing and debt in the near-term, with borrowing costs now close to record lows, this is affordable and sustainable. Over time and as the economy recovers, the government will take the necessary steps to ensure the long-term health of the public finances.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 12/10/2020 11:21:54 answering member 4095 label Biography information for Steve Barclay
	tabling member	1409 label Biography information for Mr Gregory Campbell

1258703

	registered interest
	date	07/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the level of public sector net debt in the 2021-22 financial year.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	uin	125993
	answer	answer is ministerial correction date of answer 14/12/2020 answer text <p>The Treasury does not publish forecasts of the economy or the public finances; the Office for Budget Responsibility (OBR) is the UK’s official forecaster. Reflecting the current high levels of uncertainty, the OBR’s 25 November forecast set out a range of scenarios for the outlook of the public finances. In their central forecast, public sector net debt is expected to reach 108% of Gross Domestic Product in 2021-22.</p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 14/12/2020 14:38:59 answering member 4095 label Biography information for Steve Barclay
	tabling member	4006 label Biography information for Dr Matthew Offord

1302974

	registered interest
	date	16/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions he has had with (a) European and (b) G7 counterparts of 2021 and 2022 inflation on government borrowing costs.
	tabling member constituency	Glasgow Central
	tabling member printed	Alison Thewliss
	uin	169880
	answer	answer is ministerial correction date of answer 23/03/2021 answer text <p>The Chancellor has regular discussions on macroeconomic policy with European and G7 counterparts. They all recognise the significant challenges ahead of us in the months to come. The G7 has an important role to play in steering the global economy, and as Chair of the G7 Finance Track, the Chancellor has discussed with colleagues how best to shape and respond to the phases of the global recovery from Covid-19. This includes the short- and medium-term economic challenges relating to both fiscal and monetary policy. The Chancellor will continue to work with colleagues over the coming months to learn from each other’s policy interventions, to recognise and manage spillover effects, and to support continued coordination on policy responses.</p><p> </p><p>As highlighted in the Budget, while borrowing costs are affordable now, interest rates and inflation may not stay low forever. A sustained 1 percentage point increase in both interest rates and inflation would increase debt interest spending by £27.8bn in 2025-26.</p><p> </p><p>It is important to take action as the economy durably recovers to limit the UK’s exposure to this risk and to build fiscal resilience. The Office for Budget Responsibility’s March 2021 forecast shows that the medium-term outlook for the public finances has returned to a more sustainable path, supported by the fiscal repair measures set out in the recent Budget.</p><p> </p><p>Treasury Ministers have regular discussions with counterparts in the devolved administrations on matters of mutual interest.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 169881 169882 question first answered 23/03/2021 15:08:43 answering member 4051 label Biography information for John Glen
	tabling member	4430 label Biography information for Alison Thewliss

1302975

	registered interest
	date	16/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect of (a) increased inflation and (b) normalisation of the Government bond yield on public borrowing costs.
	tabling member constituency	Glasgow Central
	tabling member printed	Alison Thewliss
	uin	169881
	answer	answer is ministerial correction date of answer 23/03/2021 answer text <p>The Chancellor has regular discussions on macroeconomic policy with European and G7 counterparts. They all recognise the significant challenges ahead of us in the months to come. The G7 has an important role to play in steering the global economy, and as Chair of the G7 Finance Track, the Chancellor has discussed with colleagues how best to shape and respond to the phases of the global recovery from Covid-19. This includes the short- and medium-term economic challenges relating to both fiscal and monetary policy. The Chancellor will continue to work with colleagues over the coming months to learn from each other’s policy interventions, to recognise and manage spillover effects, and to support continued coordination on policy responses.</p><p> </p><p>As highlighted in the Budget, while borrowing costs are affordable now, interest rates and inflation may not stay low forever. A sustained 1 percentage point increase in both interest rates and inflation would increase debt interest spending by £27.8bn in 2025-26.</p><p> </p><p>It is important to take action as the economy durably recovers to limit the UK’s exposure to this risk and to build fiscal resilience. The Office for Budget Responsibility’s March 2021 forecast shows that the medium-term outlook for the public finances has returned to a more sustainable path, supported by the fiscal repair measures set out in the recent Budget.</p><p> </p><p>Treasury Ministers have regular discussions with counterparts in the devolved administrations on matters of mutual interest.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 169880 169882 question first answered 23/03/2021 15:08:43 answering member 4051 label Biography information for John Glen
	tabling member	4430 label Biography information for Alison Thewliss

1302976

	registered interest
	date	16/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) Cabinet and (b) devolved administration colleagues on the effect of (i) increased inflation and (ii) normalisation of the Government bond yield on public borrowing costs.
	tabling member constituency	Glasgow Central
	tabling member printed	Alison Thewliss
	uin	169882
	answer	answer is ministerial correction date of answer 23/03/2021 answer text <p>The Chancellor has regular discussions on macroeconomic policy with European and G7 counterparts. They all recognise the significant challenges ahead of us in the months to come. The G7 has an important role to play in steering the global economy, and as Chair of the G7 Finance Track, the Chancellor has discussed with colleagues how best to shape and respond to the phases of the global recovery from Covid-19. This includes the short- and medium-term economic challenges relating to both fiscal and monetary policy. The Chancellor will continue to work with colleagues over the coming months to learn from each other’s policy interventions, to recognise and manage spillover effects, and to support continued coordination on policy responses.</p><p> </p><p>As highlighted in the Budget, while borrowing costs are affordable now, interest rates and inflation may not stay low forever. A sustained 1 percentage point increase in both interest rates and inflation would increase debt interest spending by £27.8bn in 2025-26.</p><p> </p><p>It is important to take action as the economy durably recovers to limit the UK’s exposure to this risk and to build fiscal resilience. The Office for Budget Responsibility’s March 2021 forecast shows that the medium-term outlook for the public finances has returned to a more sustainable path, supported by the fiscal repair measures set out in the recent Budget.</p><p> </p><p>Treasury Ministers have regular discussions with counterparts in the devolved administrations on matters of mutual interest.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 169880 169881 question first answered 23/03/2021 15:08:43 answering member 4051 label Biography information for John Glen
	tabling member	4430 label Biography information for Alison Thewliss

1345800

	registered interest
	date	12/07/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate he has made of public sector net debt at the end of the 2021-22 financial year.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	31329
	answer	answer is ministerial correction date of answer 15/07/2021 answer text <p>The Treasury does not publish forecasts of the economy or the public finances; the Office for Budget Responsibility (OBR) is the UK’s official forecaster. In their March 2021 forecast, the OBR projected that Public Sector Net Debt (PSND) for 2021-22 will be £2.5 trillion or 107.4% of GDP. In addition, underlying debt (PSND excluding the Bank of England) is forecast to be £2.2 trillion or 93.8% of GDP in 2021-22.</p><p> </p><p>This reflects that the policy support announced by the government in response to the pandemic has led to a significant but necessary increase in borrowing and debt. At the Budget in March, the government set out steps to strengthen the public finances, with the OBR forecast showing the public finances on a more sustainable footing with debt stable over the medium-term.</p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 15/07/2021 10:40:27 answering member 4095 label Biography information for Steve Barclay
	tabling member	1409 label Biography information for Mr Gregory Campbell

1351671

	registered interest
	date	18/08/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what proportions of UK national debt were owned by (1) UK households, (2) the Bank of England, (3) overseas purchasers, (4) banks and financial houses, and (5) insurance and pension funds, in (a) 2017, (b) 2018, (c) 2019, (d) 2020, and (e) 2021.
	tabling member printed	Lord Eatwell
	uin	HL2345
	answer	answer is ministerial correction date of answer 01/09/2021 answer text <p>Most of the Government’s debt is in the form of publicly traded bonds (‘gilts’). The data most recently published on the website of the Debt Management Office (DMO) covering the distribution of gilt holdings are set out in the table below:</p><p> </p><table><tbody><tr><td><p> </p></td><td><p>UK households</p></td><td><p>The Bank of England</p></td><td><p>Overseas holdings</p></td><td><p>Banks and other financial institutions</p></td><td><p>Insurance and pension funds</p></td></tr><tr><td><p>End-2017</p></td><td><p>0.2%</p></td><td><p>24.4%</p></td><td><p>27.9%</p></td><td><p>16.0%</p></td><td><p>31.2%</p></td></tr><tr><td><p>End-2018</p></td><td><p>0.2%</p></td><td><p>23.8%</p></td><td><p>28.3%</p></td><td><p>15.8%</p></td><td><p>31.5%</p></td></tr><tr><td><p>End-2019</p></td><td><p>0.2%</p></td><td><p>23.4%</p></td><td><p>30.1%</p></td><td><p>13.3%</p></td><td><p>32.8%</p></td></tr><tr><td><p>End-2020</p></td><td><p>0.2%</p></td><td><p>31.6%</p></td><td><p>28.2%</p></td><td><p>12.0%</p></td><td><p>27.9%</p></td></tr><tr><td><p>Q1 2021</p></td><td><p>0.2%</p></td><td><p>32.5%</p></td><td><p>27.6%</p></td><td><p>11.1%</p></td><td><p>28.4%</p></td></tr></tbody></table><p> </p> answering member printed Lord Agnew of Oulton question first answered 01/09/2021 13:15:30 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	2802 label Biography information for Lord Eatwell