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UK’s Kwarteng says debt will fall as proportion of GDP in medium term

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Britain’s finance minister says debt will fall as proportion of GDP in medium term By Reuters

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Economy 21 minutes ago (Sep 23, 2022 09:56)

© Reuters. Britain’s Chancellor of the Exchequer Kwasi Kwarteng walks outside Downing Street in London, Britain, September 23, 2022. REUTERS/Maja Smiejkowska

LONDON (Reuters) – British finance minister Kwasi Kwarteng said on Friday the government would publish a plan to reduce debt as a proportion of gross domestic product (GDP), as he set out an expensive package to support people with energy bills and tax cuts.

“In due course, we will publish a Medium-Term Fiscal Plan, setting out our responsible fiscal approach more fully, including how we plan to reduce debt as a percentage of GDP over the medium term,” Kwarteng told parliament in a fiscal statement.

He said that the OBR would publish a full economic and fiscal forecast before the end of the year, incorporating the costs of the measures announced on Friday.

In March, the independent Office for Budget Responsibility forecast borrowing of 99.1 billion pounds for the 2022/23 financial year and 50.2 billion pounds for 2023/24 – equivalent to 3.9% and 1.9% of gross domestic product respectively.

Britain’s finance minister says debt will fall as proportion of GDP in medium term

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