Committees

How sustainable is our national debt?

Inquiry

UK public sector net debt, often referred to as ‘national debt’, currently stands at just under 100 per cent of GDP.

The UK’s growth outlook remains weak; quantitative easing has significantly increased the sensitivity of the UK’s debt to changes in short-term interest rates; and it is unclear whether the Government’s fiscal rule, as it relates to the national debt, is fit for purpose.

The committee’s inquiry will investigate whether the UK’s national debt is on a sustainable path; if not, what steps are required; and whether the Government’s fiscal rule regarding the national debt is meaningful.

This inquiry is no longer accepting evidence

The deadline for submissions was Friday 9 February 2024.

Reports, special reports and government responses

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1st Report - National debt: it’s time for tough decisions
Inquiry How sustainable is our national debt?
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Correspondence

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Letter from the Chair of the Economic Affairs Committee to Richard Hughes, Chair at the OBR (1 August 2024)
Inquiry How sustainable is our national debt?
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Correspondence
Letter from Richard Hughes, Chair at the OBR, to the Chair of the Economic Affairs Committee (21 August 2024)
Inquiry How sustainable is our national debt?
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Correspondence
Letter from Mike Keoghan, Deputy National Statistician for Economic, Social and Environmental Statistics, ONS, to the Chair of the Economic Affairs Committee (23 May 2024)
Inquiry How sustainable is our national debt?
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Correspondence

Oral evidence transcripts

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12 March 2024
Inquiry How sustainable is our national debt?
Witnesses Sir Robert Stheeman (Chief Executive Officer at Debt Management Office)
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Oral Evidence
12 March 2024
Inquiry How sustainable is our national debt?
Witnesses Bim Afolami MP (Economic Secretary at HM Treasury), and Ruth Curtice (Director for Fiscal Group at HM Treasury)
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Oral Evidence
5 March 2024
Inquiry How sustainable is our national debt?
Witnesses Joseph Stiglitz (University Professor at Columbia University)
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Oral Evidence

Written evidence

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Professor Mariana Mazzucato (Professor at UCL Institute for Innovation and Public Purpose (IIPP)), and DR JOSH RYAN-COLLINS (SND0043)
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The 99% Organisation -- a voluntary organisation aiming to reverse mass impoverishment in the UK (SND0029)
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The Gower Initiative for Modern Money Studies (SND0019)
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Other publications

Declarations of interest
Members of the House of Lords must declare relevant interests in committee work.
1 published

Contact us

  • Email: economicaffairs@parliament.uk
  • Phone: 020 7219 5358 (committee staff) | 020 7219 6640 (Press Officer)
  • Address: Economic Affairs Committee, House of Lords, London SW1A 0PW