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PARLIAMENTARY DEBATE
National Debt - 28 November 2017 (Commons/Commons Chamber)

Debate Detail

Contributions from Steve Barclay, are highlighted with a yellow border.
Con
Lee Rowley
North East Derbyshire
16. What progress is being made on reducing the national debt.
  12:16:19
Stephen Barclay
The Economic Secretary to the Treasury
As a result of the Government’s action to bring the public finances back under control, the Office for Budget Responsibility has forecast a sustained reduction in debt as a share of GDP from next year onwards. Debt will fall from 86.5% to 79.1% of GDP by 2022-23. That will be the first sustained decline in debt for 17 years.
  12:16:22
Lee Rowley
Is my hon. Friend able to comment on the impact on the economy of increasing debt by £500 billion?
  12:16:30
Stephen Barclay
Increasing debt by £500 billion would increase debt interest by £7 billion a year, which would reduce our economic and fiscal resilience, crowd out spending on valuable services, and pass a greater debt burden to future generations.
LD
  12:17:03
Sir Vince Cable
Twickenham
Further to the answer that the Minister gave a few minutes ago on the sale of RBS shares to deal with Government debt, can he confirm that the Government will abide by the commitment of the Chancellor’s predecessor not to sell below the acquisition price?
Stephen Barclay
As the right hon. Gentleman will have heard from my earlier reply, that bank is in a very different place from where it was in 2008 when the shares were purchased. That reflects the action that has been taken to simplify the balance sheet and to make the bank safer and more streamlined.

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