National Debt

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 18th July 2017.

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Photo of Chris Leslie Chris Leslie Labour/Co-operative, Nottingham East 12:00 am, 18th July 2017

Was it not clear from the OBR report last week that it is a hard Brexit that presents the biggest threat to our national finances? Just a 0.1% decrease in productivity could lead, over 50 years, to a 50% increase in the ratio of debt to GDP. If the reports are true that the Chancellor is prepared to champion a longer transition from the single market for the UK, such welcome news might secure a lot of support on both sides of the House.