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Rising government debt highlights difficulty of task facing Chancellor

21 Apr 2016

IoD flag outside 116 Pall MallCommenting on today’s update on the health of the public finances, which shows that public sector debt is now £1.6trillion, equivalent to 83.5% of GDP, James Sproule, Chief Economist at the Institute of Directors, said:

“The ever-growing mountain of government debt is a reminder of how much work is still left to be done to get the public finances back on a sustainable footing. The interest rate the Treasury pays on its debt may be low at the moment, but this is an anomaly, not the norm. It would only take a small rise in interest rates to send the cost of servicing our debt through the roof. The Chancellor already faces a difficult task in hitting his target to get rid of the budget deficit by the end of the Parliament, and now is definitely not the time to ease off on deficit reduction.”

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