Robert Buckland
Main Page: Robert Buckland (Conservative - South Swindon)Department Debates - View all Robert Buckland's debates with the HM Treasury
(12 years, 9 months ago)
Commons Chamber7. What recent estimate he has made of the level of central Government debt.
11. What recent estimate he has made of the level of central Government debt.
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.
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.
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?