Oral Answers to Questions

Desmond Swayne Excerpts

Tuesday 21st January 2025 Commons Chamber

[Dr Luke Evans (Hinckley and Bosworth) (Con)]

9. What assessment she has made of the implications for her policies of recent trends in the level of interest on Government debt.

[Sir Desmond Swayne (New Forest West) (Con)]

17. What assessment she has made of the potential impact of the autumn Budget 2024 on levels of debt interest spending.

[Sir Ashley Fox (Bridgwater) (Con)]

19. What assessment she has made of the potential impact of the autumn Budget 2024 on levels of debt interest spending.

--- Later in debate ---

[Rachel Reeves]

We inherited a high amount of debt from the previous Government, and we have to pay interest costs on that debt. The forecast I set out in the Budget in October showed that debt falling to a sustainable level. As I said, the OBR forecast will be published on 26 March, and I will make a statement at that time.

[Sir Desmond Swayne]

The Chancellor’s increased demand for Government borrowing drives up its price and crowds out investment by productive private enterprises, doesn’t it? [Hon. Members: “No.”]

[Rachel Reeves]

Let me have a go. There have undoubtedly been moves in global financial markets this year, and the UK is not immune to those movements. The OBR has not yet started its forecast. It will update that in due course, and I will make a statement on 26 March.