Managing government borrowing

Public Accounts Committee Closed Inquiry
Opened: 12 Sep 2023 Closed: 3 May 2024 Parliament page
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 … Read more
6 Recommendations
17 Conclusions
1 Report
1 Oral session
1 Event
Activity timeline 4 events
3 May
2024
Report published
5 Mar
2024
Report published
7 Dec
2023
Oral evidence
7 Dec
2023
Formal meeting (oral evidence session) · The Thatcher Room, Portcullis House
Oral evidence sessions 1 session
7 Dec 2023
View on parliament.uk
Managing government borrowing; Pre-panel: Managing government borrowing
Dax Harkins · National Savings and Investments James Bowler CB · HM Treasury Richard Hughes · Office for Budget Responsibility Sir Robert Stheeman · Debt Management Office
Title HC No. Published Items Response
Fifteenth Report - Managing government borrowing HC 74 5 Mar 2024 23 Responded
Recommendations & Conclusions
1 result
Clear
15 Conclusion Not Addressed
Fifteenth Report - Managing govern…
Treasury facing substantial losses from QE indemnification, impacting government debt control.
The Treasury indemnifies the activities of the Bank of England’s Asset Purchase Facility. This means that the Treasury receives any profits from QE but is also liable for any losses. The OBR told us that until very recently, QE was … Read more
Government Response
Although the committee's item was a conclusion, the government's response states it agrees with and has implemented a 'recommendation'. The response discusses general improvements in crisis management preparedness and NS&I's system transformation, but it does not directly address the observation about the £126 billion net loss from QE impacting the government’s objective for getting 'debt under control'.
HM Treasury
View details
Government Response AI assessment · 23 of 6 classified
Accepted 11
Acknowledged 5
Deferred 6
Not Addressed 1
Total 6 recs + 17 conclusions