Managing government borrowing: OBR and Government give evidence to PAC
The Public Accounts Committee (PAC) holds an evidence session on managing government borrowing at 10am on Thursday 7 December.
MPs will hear from the Permanent Secretary at the Treasury and senior officials from the Office for Budget Responsibility, the Debt Management Office and National Savings & Investments. Questions will focus on future challenges for debt management, plans to minimise the cost of servicing Government debt, and implications of market changes for Government debt.
In 2018 the Committee reported that high levels of Government debt left little room for manoeuvre in public spending. It also warned of risks presented by increasing exposure to rising inflation and the eventual unwinding of the Bank of England’s quantitative easing programme.
Earlier this year, a National Audit Office report found that that the environment for borrowing and debt management has become more challenging since 2017, with debt interest payments one of the largest items in government spending at the time of the report.