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Managing government borrowing


Government debt has risen over time, following support provided for the banking sector during the 2007-08 financial crisis, and measures to protect the economy and public health during the pandemic.

The Committee reported in 2018 that high levels of Government debt left little room for manoeuvre in public spending, with the unknown costs of Brexit placing further limitations on Government’s ability to react to further economic shocks. Its inquiry also warned of the risks presented by increasing exposure to rising inflation and the eventual unwinding of the Bank of England's quantitative easing programme.

The Office for Budget Responsibility (OBR) forecasts debt interest payments will reach £114.7 billion in 2022-23, higher as a percentage of GDP than any time since the 1950s. A National Audit Office report on the topic found 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.

Based on the NAO report, the Committee will take evidence from senior officials from HM Treasury, the Debt Management Office, National Savings & Investments, and the Office for Budget Responsibility, on subjects including:

  • future challenges for debt management, including the refinancing of pandemic borrowing;
  • how Government plans to minimise the cost of servicing its debt;
  • how it manages risks to delivering its debt management objectives;
  • the implications of changes to the market for government debt.

If you have evidence on these issues, please submit it here by 23:59 on Friday 24 November.

Please look at the requirements for written evidence submissions and note that the Committee cannot accept material as evidence that is published elsewhere.

This inquiry is no longer accepting evidence

The deadline for submissions was Friday 24 November 2023.

Reports, special reports and government responses

View all reports and responses
Fifteenth Report - Managing government borrowing
Inquiry Managing government borrowing
HC 74
Response to this report
Treasury minutes: Government response to the Committee of Public Accounts on the Fifteenth report from Session 2023-24
HC 74
Government Response

Oral evidence transcripts

View all oral evidence transcripts
7 December 2023
Inquiry Managing government borrowing
Witnesses HM Treasury, Debt Management Office, and National Savings and Investments
Oral Evidence

Written evidence

No written evidence published.

Contact us

  • Email:
  • Phone: 020 7219 5776 (general enquiries) | 020 7219 8480 (media enquiries)
  • Address: Public Accounts Committee, House of Commons, London, SW1A 0AA