Question to the HM Treasury:

To ask Her Majesty's Government when they expect to begin addressing the increase in national debt that has occurred as a result of the COVID-19 pandemic, and what assessment they have made of the measures that will be needed.

This question was answered on 20th May 2020
The work of the last ten years in bringing borrowing and debt back under control has ensured that the public finances are well placed to deal with the challenges posed by COVID-19. However, it is clear that the impact of COVID-19 on the economy and the government's necessary response to it will lead to an increase in borrowing and debt this year.

The government has provided a comprehensive policy package to do whatever it takes to support businesses, households and our vital public services through this difficult period. Not taking these steps would result in the temporary effects of COVID-19 permanently damaging our economy, which would weaken the fiscal position over the longer-term; as the independent Office for Budget Responsibility have said, “the costs of inaction would certainly have been higher.”