Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to reduce borrowing.

The government has confirmed new fiscal rules and is putting the public finances on a sustainable path.

The stability rule will move the current budget into balance, so day-to-day spending is met by revenues, meaning that the government will only borrow for investment. The investment rule will reduce net financial debt as a share of the economy.

The independent Office for Budget Responsibility (OBR) have confirmed that the fiscal rules are met two years ahead of target in 2027-28.

Public Sector Net Borrowing (PSNB) will fall in every year of the forecast.