Public Sector: Debt

Lord Wigley Excerpts

Thursday 23rd January 2014 Lords Chamber

Asked by

[Lord Wigley]

To ask Her Majesty’s Government what is their latest estimate of the United Kingdom’s public sector debt, and what was the comparable figure in May 2010.

[Lord Newby (LD)]

My Lords, the latest public sector finances statistical release set out that public sector net debt was £1,254.3 billion or 75.7% of GDP in December 2013, compared to £846.4 billion or 57.2% of GDP in May 2010.

[Lord Wigley (PC)]

My Lords, does the Minister accept that that is a serious deterioration in the level of debt, and that UK debt now stands higher as a proportion of GDP than does that of Spain? Do the Government accept that, at some point soon, they will have to start reducing that debt? In so doing, will he give an assurance that they will not continually place the burden on the weakest members of our community, who depend on public services and social benefits, but will, at the appropriate time in the economic cycle, raise taxes, so that those with the broadest shoulders start bearing some fair share of this gigantic problem?