Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the cost of UK state borrowing; and what steps they are taking in response to any challenges arising from those costs.

Responding to compounding shocks has meant that borrowing and debt levels are high by historical standards. In its March forecast, the independent Office for Budget Responsibility, the OBR, forecast spending on debt interest will reach £94.0 billion in 2023-24.

The government is committed to getting debt falling – reducing debt will reduce spending on debt interest that could otherwise be spent on public services, while providing the foundations for sustainable growth.

In its March forecast, the OBR confirmed that the Government is on track to deliver this, with underlying debt falling as a percentage of GDP in 2027-28, and borrowing falling year-on-year across the whole five year forecast.