Written question asked by Lord Myners (Crossbench) on Monday, 26 April 2021, in the House of Lords. It was due for an answer on Tuesday, 11 May 2021. It was answered by Lord Agnew of Oulton (Conservative) on Thursday, 29 April 2021 on behalf of the Treasury.

Interest Rates

Question: To ask Her Majesty's Government which department or agency is responsible for managing the sensitivity of (1) public accounts, and (2) expenditure, to interest rate movements.

Answer: As the government’s economic and finance ministry, HM Treasury is responsible for maintaining control over public spending, including debt interest expenditure. The Office for Budget Responsibility publish estimates of the sensitivity of debt interest spending to changes in interest rates in their Economic and Fiscal Outlook. We have strong independent economic institutions and a well-established macroeconomic framework that ensures we are well placed to deal with risks to our public finances.

Secondary information