Spring Forecast

Mike Wood Excerpts

Tuesday 3rd March 2026 Commons Chamber

[Mike Wood (Kingswinford and South Staffordshire) (Con)]

The Chancellor claimed to be cutting debt, but she will know that paragraph 5.9 of the OBR’s “Economic and fiscal outlook” says that

“Public sector net borrowing is forecast to increase”

public sector net debt

“in each year, by an average of £92 billion”.

To avoid misleading the House, will she correct the record?

[Rachel Reeves]

The OBR has revised down the level of debt in every year of the forecast.