UK Government Faces Criticism Over Debt Forecasts
Amidst conflicting statements, the UK government insists national debt is on track to fall, despite official projections indicating an increase.
- Chief Secretary to the Treasury Laura Trott faces scrutiny after claiming national debt is falling as a percentage of GDP, contradicting official forecasts.
- Prime Minister Rishi Sunak defends the government's fiscal stance, asserting debt is 'on schedule' to fall according to the Office for Budget Responsibility.
- The Office for Budget Responsibility's November outlook forecasts an increase in debt from 89% of GDP in 2023/24 to 92.8% in 2028/29.
- Critics accuse Treasury Minister Laura Trott of not understanding basic financial facts, following a contentious interview on BBC Radio 4's PM programme.
- The UK government's fiscal rules require debt to fall as a percentage of GDP over a five-year forecast period, amidst debates over the accuracy of debt figures.