OBR warns fiscal rules 'never require the chancellor to get debt falling'

Speaking to Treasury Select Committee

The Office for Budget Responsibility has warned the government’s debt targets “never require the chancellor to get debt falling”.

Speaking before the Treasury Select Committee today (28 November), OBR chair Richard Hughes explained the current set of fiscal rules implemented by the government target debt to fall over the next five years. However, Hughes noted "that deadline shifts", allowing the government to push up debt in the four years leading up to the target. Autumn Statement 23: GDP forecasts 'slashed' as inflation expectations climb He evidenced this by pointing to the OBR's latest forecast, which showed Chancellor Jeremy Hunt had taken "full advantage" of this fact and had "reduced his margin against...