Written question asked by Lord Barnett (Labour), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Tuesday, 23 November 2010.

Spending Review 2010

Question: To ask Her Majesty’s Government, further to the statement by Lord Sassoon on 20 October (HL Deb, col. 831), what is their definition of ““sovereign debt storm””.

Answer: Public sector net borrowing in 2009-10 was £156 billion or 11.1 per cent of gross domestic product, the highest level in UK post-war history. The Government were borrowing one pound for every four they spent. Public sector net debt doubled over the decade from 2000-01 to this year. In the context of on-going concern over weak fiscal positions in the UK and elsewhere, the Government set out a plan at the June Budget to restore the public finances to a sustainable position and greatly reduce the risk of a costly loss of confidence in fiscal sustainability.

Secondary information

Type: Written question
Reference: 3862; 722 c321WA
Session: 2010-12
Related items: Comprehensive Spending Review
Wednesday, 20 October 2010
Parliamentary proceedings
House of Lords; Spending Review 2010
Wednesday, 8 December 2010
Written questions
House of Lords
Subjects: Public sector debt
Link: View this Written question on www.publications.parliament.uk