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Public Sector Debt

HM Treasury written question – answered at on 9 January 2015.

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Photo of Gregory Campbell Gregory Campbell DUP, East Londonderry

To ask Mr Chancellor of the exchequer, what the National Debt has been between May 2010 and January 2015.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

Latest Public Sector Finances data is available up to November 2014. In May 2010 public sector net debt excluding public sector banks was £974.2 billion (62.7% of GDP). In November 2014 public sector net debt was £1457.2 billion (79.5% of GDP).

The latest OBR forecast shows that public sector net debt will peak at 81.1 percent of GDP in 2015-16, before starting to fall as a share of GDP in 2016-17. The government’s long-term economic plan is working, restoring the public finances to a sustainable path and delivering economic security for hardworking people.

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  • (Citation: HC Deb, 9 January 2015, cW)

Chancellor of the Exchequer

The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.

The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.

The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.