Public Sector: Borrowing

HM Treasury written question – answered on 30th July 2015.

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Photo of Lord Kennedy of Southwark Lord Kennedy of Southwark Labour

To ask Her Majesty’s Government what assessment they have made of how much public-sector borrowing will grow up to 2018–19 as a consequence of the fiscal changes announced in the recent budget.

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

The government has set out a strategy that reduces the deficit at the same rate again in this Parliament as over the previous Parliament - that means reducing the deficit by 1.1 per cent of GDP a year on average, for the next four years. While, as set out in the Office for Budget Responsibility’s July Economic and Fiscal Outlook, borrowing is forecast to be £21 billion higher up to 2018-19, the resulting smoother fiscal path leads to a higher surplus and lower public sector net debt as a share of GDP, relative to the March Budget.

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