Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to reduce public sector debt from its current level of 98.3 per cent of GDP.

The government is committed to sustainable public finances and reducing debt, while cutting taxes and boosting economic growth. This will involve managing public spending responsibly and increasing productivity through the Public Sector Productivity Programme, while maintaining high-quality public services.

The government’s fiscal mandate is for Public Sector Net Debt excluding the Bank of England to fall as a percentage of GDP by the fifth year of the rolling forecast. In March, the independent Office for Budget Responsibility confirmed the government is on track to meet this rule, with debt falling from 93.2% (2027-28) to 92.9% (2028-29). Public sector net debt (“headline debt”) is also forecast to fall from 98.3% of GDP this year, to 94.3% in 2028-29.