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 Philip Hammond Philip Hammond The Chancellor of the Exchequer 12:00 am, 18th July 2017

I welcome the hon. Gentleman’s contribution. On an issue as important to our nation’s future as our exit from the European Union, I welcome any opportunity to build consensus across the House and the nation. He is right to draw attention to what the OBR said. Even a very small decline in our productivity performance would add huge amounts to the debt and would reduce, by significant amounts, our projected growth in GDP. That is why it is so important that we now act responsibly in maintaining fiscal discipline and ensuring that we reduce our debt over time.