Steve McCabe
Main Page: Steve McCabe (Labour - Birmingham, Selly Oak)Department Debates - View all Steve McCabe's debates with the HM Treasury
Budget Resolutions
Steve McCabe Excerpts(9 months, 1 week ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Laura Trott
I am sure that the hon. Gentleman will see in the OBR figures that public sector net debt overall is expected to fall, and public sector net debt excluding the Bank of England is due to fall in the fourth and fifth year of the forecast. [Interruption.] No, that is just the overall public sector net debt figure.
Steve McCabe (Birmingham, Selly Oak) (Lab)
May I pursue the Minister’s response to my hon. Friend the Member for Cardiff South and Penarth (Stephen Doughty)? Why have the Government chosen a debt measure that excludes the Bank of England?
Laura Trott
To put it simply, it is because we are more in control of that figure. The overall figure is falling, but public sector net debt excludes the impact of the Bank of England on the figures.
The rise in public sector productivity will help us to manage the size of the state in the long term, while also maintaining public service quality and delivering savings for taxpayers. That is why, 14 years on, in my role as Chief Secretary to the Treasury, I am delighted to be leading our public sector productivity programme.