Students: Loans

Treasury written question – answered on 7th January 2019.

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Photo of Wes Streeting Wes Streeting Labour, Ilford North

To ask the Chancellor of the Exchequer, what estimate he has made of the amount by which the deficit will increase in 2018 as a result of the ONS decision on the treatment of student loans in Government accounts.

Photo of Elizabeth Truss Elizabeth Truss The Chief Secretary to the Treasury

The Office for Budget Responsibility (OBR) published estimates of potential impacts of the new treatment on the deficit in their October 2018 Economic and fiscal outlook, which is available here: https://obr.uk/box/accounting-for-student-loans/

However, the Office for National Statistics (ONS) has made it clear that there is a lot to decide before their methodology is finalised. The ONS currently aim to fully implement the new treatment for student loans in the public sector finances in September 2019.

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