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1713736

	registered interest
	date	24/04/2024
	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 His Majesty's Government what steps they are taking to reduce public sector debt from its current level of 98.3 per cent of GDP.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4086
	answer	answer is ministerial correction date of answer 09/05/2024 answer text <p>The government is committed to sustainable public finances and reducing debt, while cutting taxes and boosting economic growth. This will involve managing public spending responsibly and increasing productivity through the Public Sector Productivity Programme, while maintaining high-quality public services.</p><p> </p><p>The government’s fiscal mandate is for Public Sector Net Debt excluding the Bank of England to fall as a percentage of GDP by the fifth year of the rolling forecast. In March, the independent Office for Budget Responsibility confirmed the government is on track to meet this rule, with debt falling from 93.2% (2027-28) to 92.9% (2028-29). Public sector net debt (“headline debt”) is also forecast to fall from 98.3% of GDP this year, to 94.3% in 2028-29.</p> answering member printed Baroness Vere of Norbiton question first answered 09/05/2024 15:27:06 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1675385

	registered interest
	date	05/12/2023
	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 steps his Department is taking reduce the national debt in the (a) short- and (b) medium-term.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	5273
	answer	answer is ministerial correction date of answer 11/12/2023 answer text <p>The Government is committed to sustainable public finances and has taken responsible decisions to keep debt falling, while reducing taxes and boosting economic growth. Over the short and medium-term, this includes tough choices to control public pending and drive greater efficiencies.</p><p> </p><p>The independent Office for Budget Responsibility (OBR) confirmed that underlying debt is forecast to fall to 92.8% of GDP in 2028-29 and is 2.1 percentage points lower on average compared to the OBR’s March forecast.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 11/12/2023 16:29:09 answering member 4639 label Biography information for Bim Afolami
	tabling member	4131 label Biography information for Jim Shannon

1657283

	registered interest
	date	01/09/2023
	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 progress he has made on reducing the level of national debt.
	tabling member constituency	Crewe and Nantwich
	tabling member printed	Dr Kieran Mullan
	uin	197253
	answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Reducing national debt is one the Prime Minister’s five priorities, which is reflected in the Government’s fiscal rules. In its March forecast, the independent Office for Budget Responsibility confirmed that the Government is on track to deliver this, with underlying debt falling as a percentage of GDP in 2027-28. To ensure fiscal sustainability, the Government has taken difficult but necessary decisions to ensure that debt is falling.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/09/2023 09:25:08 answering member 4051 label Biography information for John Glen
	tabling member	4860 label Biography information for Dr Kieran Mullan

1658025

	registered interest
	date	29/08/2023
	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 progress he has made on reducing the level of national debt.
	tabling member constituency	Harrogate and Knaresborough
	tabling member printed	Andrew Jones
	uin	906216
	answer	answer is ministerial correction date of answer 05/09/2023 answer text <p>Reducing the national debt is one the Prime Minister’s five priorities and will provide the foundations for sustainable growth. The independent Office for Budget Responsibility confirmed in March that the government is on track to deliver this, meeting our fiscal rules with underlying debt falling as a percentage of GDP in 2027-28. We have shown we will take the difficult but necessary decisions to ensure that debt is falling.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/09/2023 14:14:58 answering member 4051 label Biography information for John Glen
	tabling member	3996 label Biography information for Andrew Jones

1647660

	registered interest
	date	26/06/2023
	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, if he will make an estimate of the expected level of public sector net debt in April 2024.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	191010
	answer	answer is ministerial correction date of answer 29/06/2023 answer text <p>The Treasury does not publish forecasts of the economy or public finances; the Office for Budget Responsibility (OBR) is the UK’s official forecaster and provides independent analysis of the UK’s public finances.</p><p> </p><p>The OBR’s latest forecast can be found on their website: <a href="https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/" target="_blank">https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/</a></p><p> </p><p>The OBR will publish an updated forecast later this year.</p> answering member constituency Salisbury answering member printed John Glen question first answered 29/06/2023 15:44:56 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

1545253

	registered interest
	date	24/11/2022
	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, pursuant to the Answer of 8 November 2022 to Question 78647, what recent discussions he has had with the Office for Budget Responsibility on the Public Sector Net Debt.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	95795
	answer	answer is ministerial correction date of answer 29/11/2022 answer text <p>As the Government’s official independent forecaster, the Government has a close working relationship with the Office for Budget Responsibility (OBR). In the lead up to the recent Autumn Statement and accompanying OBR forecast, the OBR were engaged in the normal way. As is set out in the foreword of the OBR’s November Economic and Fiscal Outlook (EFO), the forecast process involved the OBR producing multiple draft iterations of the forecasts which it shared with the Chancellor. These drafts included forecasts for Public Sector Net Debt. The Chancellor Jeremy Hunt also met with the OBR to discuss the forecast on the 17 October and 16 November.</p><p> </p><p>The OBR published an updated forecast for Public Sector Net Debt as part of their November 2022 Economic and Fiscal Outlook. The OBR forecast that Public Sector Net Debt for 2022-23 will be £2,571 billion or 101.9% of GDP.</p><p> </p><p> </p><p>The Government supports the vital, independent role the OBR plays, which give markets, the public, and the world confidence that our economic plans are credible, and rightly holds us to account for delivering them.</p> answering member constituency Salisbury answering member printed John Glen question first answered 29/11/2022 12:05:58 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

1539016

	registered interest
	date	03/11/2022
	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, if he will make an estimate of what the level of public sector net debt will be at the end of the 2022-23 financial year.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	78647
	answer	answer is ministerial correction date of answer 08/11/2022 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 2022 forecast, the OBR projected that Public Sector Net Debt (PSND) for 2022-23 will be £2.4 trillion or 95.5% of GDP. Latest outturn data from the Office for National Statistics (ONS) shows by the end of September, PSND had reached 98% of GDP.</p><p> </p><p>The OBR will publish an updated fiscal forecast on 17 November, alongside the Autumn Statement.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/11/2022 14:28:28 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

1536352

	registered interest
	date	26/10/2022
	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 assessment he has made of the impact of rising (a) inflation and (b) refinancing costs on the cost of servicing Government debt.
	tabling member constituency	North Down
	tabling member printed	Stephen Farry
	uin	72487
	answer	answer is ministerial correction date of answer 03/11/2022 answer text <p>Inflation has a range of impacts on the public finances and previous OBR forecasts have shown how inflation can increase spending on welfare and debt interest, as well as tax revenues. With respect to debt interest, the most recent OBR forecast in March projected that government spending on debt interest would reach £83.0 billion in 2022-23. The OBR also publish a ‘ready reckoner’ to estimate the effect of changes in economic determinants, such as inflation and gilt rates. This shows the estimated change in debt interest costs from a 1 percentage point increase in inflation and gilt rates throughout the forecast.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/11/2022 10:54:42 answering member 4051 label Biography information for John Glen
	tabling member	4856 label Biography information for Stephen Farry

1472118

	registered interest
	date	21/06/2022
	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 steps his Department is taking to reduce the national debt; and what assessment he has made of the potential implications for the economy of the size of the national debt.
	tabling member constituency	Liverpool, Wavertree
	tabling member printed	Paula Barker
	uin	22593
	answer	answer is ministerial correction date of answer 27/06/2022 answer text <p>Thanks to responsible decisions taken by this Government, the public finances are back on a sustainable path, with debt on track to fall from 2022-23 and decrease to 83.1% of GDP by the end of the Office for Budget Responsibility (OBR) March 2022 forecast. High debt leaves the UK’s public finances vulnerable to shocks. It is important to rebuild fiscal space in order to safeguard against future threats and allow the Government to support the economy as and when it is needed. The Government aims to achieve a falling trajectory for debt given this heightened level of risk, as well as evidence suggesting debt trajectories are important to macroeconomic performance.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/06/2022 13:48:51 answering member 4051 label Biography information for John Glen
	tabling member	4828 label Biography information for Paula Barker

1451936

	registered interest
	date	16/03/2022
	answering body	Attorney General
	answering dept id	88
	answering dept short name	Attorney General
	answering dept sort name	Attorney General
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Attorney General, on what occasions she or her predecessors met with Treasury ministers or officials between 1 January 2017 and 16 March 2022 to discuss (a) cy-près schemes or (b) charitable contributions to reduce the national debt.
	tabling member constituency	Islington South and Finsbury
	tabling member printed	Emily Thornberry
	uin	141158
	answer	answer is ministerial correction date of answer 21/03/2022 answer text <p>There have been no Ministerial-level meetings (either Minister-Minister or Minister-Officials) between the Attorney General’s Office (AGO) and Her Majesty’s Treasury (HMT) between 1 January 2017 and 16 March 2022 to discuss (a) cy-près schemes or (b) charitable contributions to reduce the national debt.</p><p> </p><p>The AGO does not hold official records of any meetings at official level between AGO and HMT between the 1<sup>st</sup> of January 2017 and the 16<sup>th</sup> of March 2022.</p> answering member constituency Cheltenham answering member printed Alex Chalk grouped question UIN 141159 141160 question first answered 21/03/2022 09:47:33 answering member 4481 label Biography information for Alex Chalk
	tabling member	1536 label Biography information for Emily Thornberry

1451937

	registered interest
	date	16/03/2022
	answering body	Attorney General
	answering dept id	88
	answering dept short name	Attorney General
	answering dept sort name	Attorney General
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Attorney General, on what occasions the Solicitor General or his predecessors met with Treasury ministers or officials between 1 January 2017 and 16 March 2022 to discuss (a) cy- près schemes or (b) charitable contributions to reduce the national debt.
	tabling member constituency	Islington South and Finsbury
	tabling member printed	Emily Thornberry
	uin	141159
	answer	answer is ministerial correction date of answer 21/03/2022 answer text <p>There have been no Ministerial-level meetings (either Minister-Minister or Minister-Officials) between the Attorney General’s Office (AGO) and Her Majesty’s Treasury (HMT) between 1 January 2017 and 16 March 2022 to discuss (a) cy-près schemes or (b) charitable contributions to reduce the national debt.</p><p> </p><p>The AGO does not hold official records of any meetings at official level between AGO and HMT between the 1<sup>st</sup> of January 2017 and the 16<sup>th</sup> of March 2022.</p> answering member constituency Cheltenham answering member printed Alex Chalk grouped question UIN 141158 141160 question first answered 21/03/2022 09:47:33 answering member 4481 label Biography information for Alex Chalk
	tabling member	1536 label Biography information for Emily Thornberry

1451938

	registered interest
	date	16/03/2022
	answering body	Attorney General
	answering dept id	88
	answering dept short name	Attorney General
	answering dept sort name	Attorney General
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Attorney General, on what occasions officials in her Department met with Treasury ministers or officials between 1 January 2017 and 16 March 2022 to discuss (a) cy- près schemes or (b) charitable contributions to reduce the national debt.
	tabling member constituency	Islington South and Finsbury
	tabling member printed	Emily Thornberry
	uin	141160
	answer	answer is ministerial correction date of answer 21/03/2022 answer text <p>There have been no Ministerial-level meetings (either Minister-Minister or Minister-Officials) between the Attorney General’s Office (AGO) and Her Majesty’s Treasury (HMT) between 1 January 2017 and 16 March 2022 to discuss (a) cy-près schemes or (b) charitable contributions to reduce the national debt.</p><p> </p><p>The AGO does not hold official records of any meetings at official level between AGO and HMT between the 1<sup>st</sup> of January 2017 and the 16<sup>th</sup> of March 2022.</p> answering member constituency Cheltenham answering member printed Alex Chalk grouped question UIN 141158 141159 question first answered 21/03/2022 09:47:33 answering member 4481 label Biography information for Alex Chalk
	tabling member	1536 label Biography information for Emily Thornberry

1364987

	registered interest
	date	01/11/2021
	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, if he will publish an assessment of the impact of his receipt of IMF Special Drawing Rights on public sector net debt.
	tabling member constituency	Birmingham, Hodge Hill
	tabling member printed	Liam Byrne
	uin	67070
	answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>The historic $650bn allocation of IMF SDRs has provided much needed liquidity for vulnerable countries, freeing up resources to pay for crucial needs such as vaccines and food imports. The UK, together with other G20 countries, have called on the IMF to work quickly with the membership to explore options for countries with strong external positions to voluntarily channel a portion of their allocated SDRs, to magnify the impact of the allocation and further support resilient and sustainable recoveries in vulnerable countries.</p><p> </p><p>The OBR reported the fiscal impact of the SDR allocation in its October 2021 Economic and Fiscal Outlook. This noted that the SDR allocation results in an equal increase in both the UK's assets and liabilities and has no effect on wider balance sheet aggregates.</p><p> </p><p>The channeling of SDRs through lending to the Poverty Reduction and Growth Trust (PRGT) does not directly affect public sector net debt.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 67071 question first answered 09/11/2021 14:32:13 answering member 4051 label Biography information for John Glen
	tabling member	1171 label Biography information for Liam Byrne

1364988

	registered interest
	date	01/11/2021
	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, if he will publish an assessment of the impact of re-channelling Special Drawing Rights via the IMF on public sector net debt.
	tabling member constituency	Birmingham, Hodge Hill
	tabling member printed	Liam Byrne
	uin	67071
	answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>The historic $650bn allocation of IMF SDRs has provided much needed liquidity for vulnerable countries, freeing up resources to pay for crucial needs such as vaccines and food imports. The UK, together with other G20 countries, have called on the IMF to work quickly with the membership to explore options for countries with strong external positions to voluntarily channel a portion of their allocated SDRs, to magnify the impact of the allocation and further support resilient and sustainable recoveries in vulnerable countries.</p><p> </p><p>The OBR reported the fiscal impact of the SDR allocation in its October 2021 Economic and Fiscal Outlook. This noted that the SDR allocation results in an equal increase in both the UK's assets and liabilities and has no effect on wider balance sheet aggregates.</p><p> </p><p>The channeling of SDRs through lending to the Poverty Reduction and Growth Trust (PRGT) does not directly affect public sector net debt.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 67070 question first answered 09/11/2021 14:32:13 answering member 4051 label Biography information for John Glen
	tabling member	1171 label Biography information for Liam Byrne

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

1351672

	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 was the average duration of UK national debt in (1) 2017, (2) 2018, (3) 2019, (4) 2020, and (5) 2021.
	tabling member printed	Lord Eatwell
	uin	HL2346
	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 average maturity of the stock of total gilts was 15.8 years at both end-December 2017 and end-December 2018, 15.9 years at end-December 2019, and 15.3 years at end-December 2020. By end-July 2021, the average maturity of the stock of total gilts had fallen to 15.2 years.</p> answering member printed Lord Agnew of Oulton question first answered 01/09/2021 13:14:08 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	2802 label Biography information for Lord Eatwell

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

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

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

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

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

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

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

944929

	registered interest
	date	19/07/2018
	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 is their calculation of what the cumulative cost of debt interest would be by 2045/46 if they only balanced the current budget.
	tabling member printed	Baroness Neville-Rolfe
	uin	HL9712
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>The Managing Fiscal Risks document, published by the Treasury on the 17<sup>th</sup> July, projects that if the government only balanced the Current Budget every year from 2021-22, then after taking account of economic shocks, annual debt interest costs in 2045-46 would rise to 4.3% of Gross Domestic Product.</p><p> </p><p>The cumulative cost of these interest payments from the current financial year to 2045-46 is projected to be £3.7 trillion.</p><p> </p> answering member printed Lord Bates question first answered 31/07/2018 12:06:48 answering member 1091 label Biography information for Lord Bates
	tabling member	4284 label Biography information for Baroness Neville-Rolfe

810107

	registered interest
	date	20/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether Public Sector Net Debt is scheduled to change in the way set out by the Office for Budget Responsibility in November 2015.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	120573
	answer	answer is ministerial correction date of answer 08/01/2018 answer text <p>The Office for Budget Responsibility’s November 2015 debt forecasts have been superseded by more recent forecasts.</p><p> </p><p>The most up-to-date forecast for Public Sector Net Debt was published by the OBR at the recent 2017 Autumn Budget. This forecast shows debt starting to fall next year, and falling below 80% of GDP by 2021-22.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 08/01/2018 17:14:25 answering member 4095 label Biography information for Steve Barclay
	tabling member	1409 label Biography information for Mr Gregory Campbell

768870

	registered interest
	date	11/10/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the level of the public sector net debt by June 2022.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	107265
	answer	answer is ministerial correction date of answer 16/10/2017 answer text <p>The current official forecasts produced by the independent Office for Budget Responsibility extend up to the financial year 2021-22. They forecast that public sector net debt (PSND) at the end of 2021-22 will be 79.8% of GDP, or £1.9tn.</p><p> </p><p>The Autumn Budget will include PSND forecasts for the financial year 2022-23.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 16/10/2017 14:05:19 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	1409 label Biography information for Mr Gregory Campbell

758413

	registered interest
	date	06/09/2017
	answering body	Cabinet Office
	answering dept id	53
	answering dept short name	Cabinet Office
	answering dept sort name	Cabinet Office
	hansard heading	Public Sector Debt
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the annual cost of servicing the UK's external debt (1) in total, and (2) expressed as an amount per UK taxpayer.
	tabling member printed	Lord Vinson
	uin	HL1417
	answer	answer is ministerial correction date of answer 14/09/2017 answer text <p>The information requested falls within the responsibility of the UK Statistics Authority. I have asked the Authority to reply.</p> answering member printed Lord Young of Cookham question first answered 14/09/2017 15:47:04 answering member 57 label Biography information for Lord Young of Cookham attachment 1 file name HL1417 LY .pdf title UKSA response to HL1417
	tabling member	1807 label Biography information for Lord Vinson

753092

	registered interest
	date	12/07/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what progress is being made on reducing the deficit.
	tabling member constituency	Plymouth, Moor View
	tabling member printed	Johnny Mercer
	uin	900565
	answer	answer is ministerial correction date of answer 18/07/2017 answer text <p>Since 2010, the deficit has been reduced by three-quarters. However, as the OBR’s Fiscal Risks Report published last week shows, the public finances remain vulnerable and it’s important for this country to bring down its levels of debt.</p><p>That is why the government has committed to reduce the structural deficit to below 2% and get debt falling as a share of GDP by 2020-21, guiding the public finances back to balance by the middle of the next decade.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 18/07/2017 13:31:19 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	4485 label Biography information for Johnny Mercer

750033

	registered interest
	date	10/07/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will list by country flows of interest payments on UK central Government debt held by overseas investors and foreign central banks.
	tabling member constituency	Harborough
	tabling member printed	Neil O'Brien
	uin	3932
	answer	answer is ministerial correction date of answer 14/07/2017 answer text <p>The Treasury does not hold information on the organisations or individuals who hold gilts. However, information on gilt holdings by different sectors is published by the Office for National Statistics (ONS). The most recent publication shows that at the end of March 2017, overseas investors hold 27% of gilts in issuance, but this does not include a breakdown of gilt holdings by country.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 3931 question first answered 14/07/2017 12:17:37 answering member 4095 label Biography information for Steve Barclay
	tabling member	4679 label Biography information for Neil O'Brien

722420

	registered interest
	date	19/04/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of public sector net debt at the end of the current financial year.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	71229
	answer	answer is ministerial correction date of answer 24/04/2017 answer text <p>At Budget 17, the Office for Budget Responsibility forecast public sector net debt to be 88.8% of GDP – £1829.7bn – at the end of the financial year 2017-18.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 24/04/2017 13:55:44 answering member 1529 label Biography information for Mr David Gauke
	tabling member	1409 label Biography information for Mr Gregory Campbell

621163

	registered interest
	date	25/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what steps they are taking to reduce the UK’s national debt.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2680
	answer	answer is ministerial correction date of answer 07/11/2016 answer text <p>The government has already reduced the annual deficit by almost two-thirds from 10.1% of GDP in 2009-10 to 4% of GDP in 2015-16. However, at 84% of GDP last year, Public Sector Net Debt remains too high. The government will set out its plan to ensure long-term fiscal sustainability at Autumn Statement on 23<sup>rd</sup> November.</p> answering member printed Lord Young of Cookham question first answered 07/11/2016 14:22:01 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

582383

	registered interest
	date	13/09/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether public sector net debt will fall by the end of financial year 2016-17 in line with his Department's published estimates.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	46106
	answer	answer is ministerial correction date of answer 10/10/2016 answer text <p>The Office for Budget Responsibility (OBR) publishes the official forecasts for the level of public sector net debt as a share of gross domestic product. The next OBR forecast will be published in November 2016 in its Economic and Fiscal Outlook document.</p> answering member constituency Battersea answering member printed Jane Ellison question first answered 10/10/2016 15:19:19 answering member 3918 label Biography information for Jane Ellison
	tabling member	1409 label Biography information for Mr Gregory Campbell

533032

	registered interest
	date	05/07/2016
	answering body	Foreign and Commonwealth Office
	answering dept id	16
	answering dept short name	Foreign and Commonwealth Office
	answering dept sort name	Foreign and Commonwealth Office
	hansard heading	Public Sector Debt
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what steps they are taking to encourage Gulf States to accept Syrian asylum seekers.
	tabling member printed	Lord Roberts of Llandudno
	uin	HL996
	answer	answer is ministerial correction date of answer 13/07/2016 answer text We recognise and welcome the substantial and continued contribution made by Gulf Cooperation Council (GCC) states to the humanitarian aid response for Syria and the large numbers of Syrians already in the Gulf. The Gulf states are now home to almost one million Syrians, and Gulf states have pledged more than $3 billion in humanitarian assistance. Kuwait co-hosted the London Donor Conference in February 2016 where Gulf states pledged $739 million. answering member printed Baroness Anelay of St Johns question first answered 13/07/2016 15:15:45 answering member 3474 label Biography information for Baroness Anelay of St Johns
	tabling member	3691 label Biography information for Lord Roberts of Llandudno

456940

	registered interest
	date	02/03/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what progress he is making on his plans to begin to reduce public sector net debt as a share of gross domestic product in 2016-17.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	29376
	answer	answer is ministerial correction date of answer 07/03/2016 answer text <p>The latest Office for Budget Responsibility forecast published in November 2015 shows that the government is on track to reduce public sector net debt as a share of GDP in 2016-17. The government remains committed to continuing the job of returning the public finances to a more sustainable position. In a low inflationary environment, taking account for economic shocks, the most reliable way to bring debt down as a share of GDP is to run a surplus and maintain it in normal times.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 07/03/2016 15:35:14 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1409 label Biography information for Mr Gregory Campbell

453662

	registered interest
	date	22/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether public sector net debt is forecast to fall in the next financial year.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	27604
	answer	answer is ministerial correction date of answer 25/02/2016 answer text <p>The Office for Budget Responsibility (OBR) produce the forecast for public sector net debt. Based on the OBR’s November 2015 ‘Economic and fiscal outlook’, public sector net debt is expected to fall as a share of GDP in every year of the forecast period.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 25/02/2016 15:23:19 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1409 label Biography information for Mr Gregory Campbell

444465

	registered interest
	date	13/01/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what debt, if any, they have that dates from before 1 January 1901; and what are the arrangements for payment of that debt.
	tabling member printed	Lord Laird
	uin	HL5016
	answer	answer is ministerial correction date of answer 27/01/2016 answer text <p>The government has redeemed all gilts issued before 1 January 1901. On 5 July 2015, the government redeemed all outstanding undated gilts, some of which pre-dated 1901. These were the 2½% Annuities, 2¾% Annuities and 2½% Consolidated Stock, first issued in 1853, 1884 and 1888 respectively.</p> answering member printed Lord O'Neill of Gatley question first answered 27/01/2016 16:23:57 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	2479 label Biography information for Lord Laird

417886

	registered interest
	date	09/09/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Sector Debt
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, for each year from 2003–4 to 2014–15 inclusive, (1) what was the national debt, expressed in (a) monetary terms, and (b) as a percentage of gross domestic product, and (2) what interest was paid on that debt, expressed in (a) monetary terms, and (b) in per capita terms.
	tabling member printed	Lord Kinnock
	uin	HL2119
	answer	answer is ministerial correction date of answer 23/09/2015 answer text <p>In 2010 the coalition government inherited a deficit of 10.2 per cent of gross domestic product (GDP) – the largest since the Second World War. With such a high deficit, it is inevitable that debt has continued to rise. Over the last parliament the government made substantial progress towards stabilising the public finances, halving the deficit from its post-war peak to 5 per cent of GDP in 2014-15. The Office for Budget Responsibility have forecast that debt as a percentage of GDP peaked in 2014/15, and this year will fall for the first time in 14 years as a result of the government’s actions.</p><p> </p><p> </p><p> </p><p>The table below provides Public Sector Net Debt (excluding public sector banks) and debt interest expenditure figures for each year in the period 2003/04 to 2014/15. For net debt, the figures are provided in both nominal terms and as a percentage of GDP; for debt interest, the figures are given in nominal terms and pounds sterling per capita.</p><p> </p><p> </p><p> </p><p> </p><p> </p><table><tbody><tr><td> </td><td colspan="2"><p>Public Sector Net Debt<sup>1</sup></p></td><td colspan="2"><p>Debt Interest<sup>2</sup></p></td></tr><tr><td> </td><td><p>£ billion</p></td><td><p>% of GDP</p></td><td><p>£ billion</p></td><td><p>£ per capita</p></td></tr><tr><td><p>2003/04</p></td><td><p>394.2</p></td><td><p>31.8</p></td><td><p>22.0</p></td><td><p>367</p></td></tr><tr><td><p>2004/05</p></td><td><p>449.2</p></td><td><p>34.4</p></td><td><p>24.6</p></td><td><p>407</p></td></tr><tr><td><p>2005/06</p></td><td><p>492.0</p></td><td><p>35.5</p></td><td><p>26.3</p></td><td><p>432</p></td></tr><tr><td><p>2006/07</p></td><td><p>529.3</p></td><td><p>36.2</p></td><td><p>28.6</p></td><td><p>466</p></td></tr><tr><td><p>2007/08</p></td><td><p>561.5</p></td><td><p>36.9</p></td><td><p>31.2</p></td><td><p>505</p></td></tr><tr><td><p>2008/09</p></td><td><p>727.7</p></td><td><p>49.2</p></td><td><p>31.5</p></td><td><p>506</p></td></tr><tr><td><p>2009/10</p></td><td><p>959.8</p></td><td><p>62.2</p></td><td><p>31.6</p></td><td><p>503</p></td></tr><tr><td><p>2010/11</p></td><td><p>1102.5</p></td><td><p>68.8</p></td><td><p>46.6</p></td><td><p>736</p></td></tr><tr><td><p>2011/12</p></td><td><p>1192.0</p></td><td><p>72.3</p></td><td><p>49.7</p></td><td><p>780</p></td></tr><tr><td><p>2012/13</p></td><td><p>1300.0</p></td><td><p>76.8</p></td><td><p>48.9</p></td><td><p>762</p></td></tr><tr><td><p>2013/14</p></td><td><p>1403.2</p></td><td><p>79.1</p></td><td><p>48.7</p></td><td><p>753</p></td></tr><tr><td><p>2014/15</p></td><td><p>1486.5</p></td><td><p>80.8</p></td><td><p>45.2</p></td><td><p>696</p></td></tr><tr><td colspan="5"><p>1: Excluding public sector banks; by convention, GDP is a 12 month average centred at the financial year end. Source: ONS.</p></td></tr><tr><td colspan="5"><p>2: The per capita figure is calculated by dividing debt interest in £'s by the ONS estimate of the size of the UK population at the financial year end. Note that the population estimate for 2014/15 is a forecast, based on the latest ONS projections. Source: ONS.</p></td></tr></tbody></table><p> </p><p> </p><p> </p><p> </p><p> </p> answering member printed Lord Bridges of Headley question first answered 23/09/2015 15:34:52 answering member 4535 label Biography information for Lord Bridges of Headley
	tabling member	693 label Biography information for Lord Kinnock

385765

	registered interest
	date	25/06/2015
	answering body	HM 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 Mr Chancellor of the Exchequer, with reference to the national debt, from which individuals or organisations has the money been borrowed; and to whom or to which organisations is the debt owed.
	tabling member constituency	Caithness, Sutherland and Easter Ross
	tabling member printed	Dr Paul Monaghan
	uin	4358
	answer	answer is ministerial correction date of answer 01/07/2015 answer text <p>The majority of government borrowing is financed through the issuance of UK government bonds known as ‘gilts’ by the Debt Management Office (DMO) and as such, the majority of the government’s debt is held in gilts.</p><p> </p><p>The Treasury does not hold detailed information on the holders of gilts. Information on sectoral holdings of gilts is published on a quarterly basis by the Office for National Statistics (ONS).</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 01/07/2015 14:11:45 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4383 label Biography information for Dr Paul Monaghan

385766

	registered interest
	date	25/06/2015
	answering body	HM 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 Mr Chancellor of the Exchequer, whether the gross value of sterling issued through the Government's quantitative easing initiation is included in calculations of the national debt.
	tabling member constituency	Caithness, Sutherland and Easter Ross
	tabling member printed	Dr Paul Monaghan
	uin	4359
	answer	answer is ministerial correction date of answer 01/07/2015 answer text <p>The gross value of the Bank of England’s quantitative easing, the Asset Purchase Facility (APF), is included in the calculation of Public Sector Net Debt as a liability on the Bank’s balance sheet.</p><p> </p><p> </p><p> </p><p>This inclusion of the APF is shown as part of Table 8D of the Public Sector Finances release jointly published by the independent Office for National Statistics and HM Treasury.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 01/07/2015 14:13:43 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4383 label Biography information for Dr Paul Monaghan

385767

	registered interest
	date	25/06/2015
	answering body	HM 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 Mr Chancellor of the Exchequer, on what basis the national debt is calculated.
	tabling member constituency	Caithness, Sutherland and Easter Ross
	tabling member printed	Dr Paul Monaghan
	uin	4360
	answer	answer is ministerial correction date of answer 02/07/2015 answer text <p>The monthly Public Sector Finances bulletin is published jointly by the independent Office for National Statistics and HM Treasury. The Public Sector Finances statistical release provides detail on how debt is calculated in Table 8A for Central Government and subsequent tables for the wider Public Sector as a whole.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 02/07/2015 15:31:21 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4383 label Biography information for Dr Paul Monaghan

384505

	registered interest
	date	22/06/2015
	answering body	HM 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 is their assessment of recent research by the Taxpayers' Alliance indicating that the United Kingdom's true national debt is £8.6 trillion.
	tabling member printed	Lord Stoddart of Swindon
	uin	HL716
	answer	answer is ministerial correction date of answer 06/07/2015 answer text <p>According to the latest <em>Public Sector Finances</em> release (May 2015) produced by the Office for National Statistics (ONS), Public Sector Net Debt (PSND) stands at £1.5 trillion. This is the government’s usual measure of debt, and the measure on the basis of which the official forecasts from the Office for Budget Responsibility (OBR) are produced.</p><p> </p><p>The number quoted by the Taxpayers’ Alliance includes many future and government liabilities not generally included in debt figures and it does not include corresponding future assets, physical assets, illiquid financial assets or future revenues.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 06/07/2015 16:44:24 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	950 label Biography information for Lord Stoddart of Swindon

177964

	registered interest
	date	04/02/2015
	answering body	HM 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 is the annual cost (1) per taxpayer, and (2) per household, of servicing the United Kingdom national debt.
	tabling member printed	Lord Vinson
	uin	HL4675
	answer	answer is ministerial correction date of answer 13/02/2015 answer text <p>In 2013 central government debt interest payments were £49.1 billion. Using the relevant household and population numbers the annual cost of servicing the national debt in 2013 was:</p><p> </p><p> </p><p> </p><ol><li><p>£1,841 per household; and</p><p> </p></li><li><p>£766 per person.</p></li></ol><p> </p> answering member printed Lord Deighton question first answered 13/02/2015 15:36:44 answering member 4262 label Biography information for Lord Deighton
	tabling member	1807 label Biography information for Lord Vinson

172148

	registered interest
	date	06/01/2015
	answering body	HM 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 Mr Chancellor of the Exchequer, what the National Debt has been between May 2010 and January 2015.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	219948
	answer	answer is ministerial correction date of answer 09/01/2015 answer text <p>Latest Public Sector Finances data is available up to November 2014. In May 2010 public sector net debt excluding public sector banks was £974.2 billion (62.7% of GDP). In November 2014 public sector net debt was £1457.2 billion (79.5% of GDP).</p><p> </p><p> </p><p> </p><p>The latest OBR forecast shows that public sector net debt will peak at 81.1 percent of GDP in 2015-16, before starting to fall as a share of GDP in 2016-17. The government’s long-term economic plan is working, restoring the public finances to a sustainable path and delivering economic security for hardworking people.</p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 09/01/2015 13:56:32 answering member 1529 label Biography information for Mr David Gauke
	tabling member	1409 label Biography information for Mr Gregory Campbell

93470

	registered interest
	date	15/10/2014
	answering body	HM 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 Mr Chancellor of the Exchequer, what further plans he has to protect vulnerable groups while tackling the deficit.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210816
	answer	answer is ministerial correction date of answer 22/10/2014 answer text <p>The government is committed to a fair tax and benefit system where everyone contributes to reducing the deficit, and those with the most make the largest contribution. Our published distributional analysis confirms that the richest are continuing to contribute the most to consolidation, even as a share of income and benefits in kind. Our reforms to the tax and welfare system promote work and personal responsibility while protecting the most vulnerable members of society. For example, the government has protected people with disabilities by uprating disability benefits in line with CPI rather than 1 percent, has implemented the triple lock on the basic state pension to protect pensioner incomes throughout this parliament, and has implemented the pupil premium and extended the free school meals program to support disadvantaged children.</p><p> </p><p> </p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 22/10/2014 15:58:12 answering member 4066 label Biography information for Priti Patel
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown