Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to (a) reduce the national debt and (b) ensure value for money in public spending.

The government took decisive action to restore economic stability in the autumn and get debt falling. At Spring Budget, the OBR confirmed that the government will meet its fiscal rules; underlying debt as a share of GDP is on track to fall in 2027-28 and is lower in every year compared to the OBR’s November forecast.

To help ensure value for money in public spending the government launched an Efficiency and Savings Review at Autumn Statement 2022. Through the review, departments reprioritised and identified further efficiencies, building on the 5% efficiency challenge set at Spending Review 2021, to better deliver value for money for the taxpayer.

The government will continue to identify further ways to work more efficiently to ensure we can best deliver the outcomes that matter most to the public, even in a challenging economic environment.