Oral Answers to Questions

Richard Holden Excerpts

Tuesday 21st January 2025 Commons Chamber

The Chancellor of the Exchequer was asked—

[Mr Richard Holden (Basildon and Billericay) (Con)]

1. What the annual cost to the public purse is of a 0.1% increase in the cost of servicing Government debt.

[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.

--- Later in debate ---

[The Chancellor of the Exchequer (Rachel Reeves)]

When we entered office, debt was at highs not seen since the 1960s. My commitment to the fiscal rules is non-negotiable, and we will drive debt down to a sustainable level. There have been movements in global financial markets, and the UK is not immune. The Office for Budget Responsibility will produce a forecast in the usual way, and I will respond with a statement to Parliament on 26 March. I will not be giving a running commentary on that forecast.

[Mr Holden]

Labour came to office promising to kick-start growth. Instead, it has kicked growth into the gutter. Over the last few months we have seen some of the slowest growth in the G7—in the actual figures rather than the projections. Where will the money for the public sector and public services come from with zero economic growth?