Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the sustainability of UK debt levels.

The Government is committed to ensuring debt is on a sustainable footing. This is reflected in the Prime Minister’s priority to reduce national debt in the medium term and the legally binding fiscal rule to have debt as a share of GDP to be projected to fall in the fifth year of the forecast horizon.

The independent OBR assesses performance against the fiscal rules twice a year alongside each fiscal event. In March 2023, the OBR confirmed that the fiscal rules had been met with debt falling as a percentage of GDP in 2027-28. The OBR will publish an updated economic and fiscal forecast on 22 November alongside the Autumn Statement

In the Charter for Budget Responsibility, the Government requires the OBR to publish an annual Fiscal Risks and Sustainability report, which includes long-run projections of the Government finances. The government will respond to the latest FRS at a future fiscal event. To manage longer-term spending pressures and maintain high quality public services, the Chancellor has recently announced a major public sector productivity programme.