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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

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