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

The hon. Gentleman will know—I say that, but perhaps he will not—that public sector net debt will continue to grow until the deficit is eliminated. That is a simple arithmetic fact. His Government pushed our deficit up to almost 10% of GDP, and we have spent the past seven years getting it down to 2.4% of GDP. We will carry on getting the deficit down so that this country’s public finances get back into balance. We are a responsible Government, planning for Britain’s future.