Government Borrowing

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 16th January 2018.

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Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer 12:00 am, 16th January 2018

In 2010, we inherited the largest deficit since the second world war, standing at nearly 10% of GDP. We have successfully reduced it by three quarters, meaning that it stood at 2.3% at the end of last year, but our debt is still too high. High levels of debt leave us vulnerable to economic shocks and incur significant debt interest, which is why the Government have clear and detailed fiscal plans to reduce borrowing further and to ensure that debt falls.