Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to limit the rise in public borrowing while maintaining a balanced budget, particularly in regard to debt interest payments and public sector spending commitments.

The Government’s approach to borrowing is set out in its fiscal rules: to move the current budget into balance, so day-to-day spending is met by revenues, meaning that the Government will only borrow for investment, and to reduce net financial debt as a share of the economy by the end of this parliament.

The Government has recently delivered a Spending Review which set multi-year spending plans, delivering this Government’s priorities whilst living within the envelopes set at Spring Statement 2025. While balancing the current budget, the Chancellor has increased day-to-day spending by £190 billion in real terms, and capital investment by over £120 billion over the Parliament compared to the plans set at Spring Budget 2024 by the previous government.

This Government has made difficult decisions on tax, spending and welfare to ensure we are living within our means. This is the responsible choice to reduce our levels of borrowing in the years ahead, so we can spend more on our public services, more on the priorities of working people and less on servicing debt. In its Spring forecast, the Office for Budget Responsibility forecast borrowing to fall in every year - from 4.8% GDP this year to 2.1% in 2029-30.