Oral Answers to Questions

Robert Buckland Excerpts

Tuesday 1st November 2011 Commons Chamber

[Jesse Norman (Hereford and South Herefordshire) (Con)]

7. What recent estimate he has made of the level of central Government debt.

[Mr Robert Buckland (South Swindon) (Con)]

11. What recent estimate he has made of the level of central Government debt.

[The Exchequer Secretary to the Treasury (Mr David Gauke)]

The Office for National Statistics publishes central Government debt figures monthly. The latest figures released on 21 October gave central Government gross debt as £1.2 trillion or 77.6% of GDP in September. The Government use public sector net debt for their fiscal targets. That figure is also published by the ONS, and it was £966 billion or 62.6% of GDP last month.

--- Later in debate ---

[Mr Gauke]

My hon. Friend has campaigned tirelessly on this matter. As he knows, the Government have improved the assurance and approval arrangements for PFI, and the transparency. We are seeking to obtain £1.5 billion of savings on existing stock of PFI contracts, and we will of course continue to work hard to improve the situation.

[Mr Buckland]

With gilt yields at their lowest for 60 years, does this situation not show that the international markets have huge faith in the UK’s debt reduction strategy?

[Mr Gauke]

My hon. Friend is absolutely right and that point was confirmed yesterday by the OECD. We would be a very foolish Government indeed to throw away that credibility by pursuing a policy of spend and borrow as the Labour party advocates.