HL Deb 08 July 1997 vol 581 c69WA
Lord Lucas

asked Her Majesty's Government:

With reference to the statement in the Labour Party manifesto that "we will ensure that—over the economic cycle—public debt as a proportion of national income is at stable and prudent level", whether the present level of public debt is prudent; and, if not, by how much it exceeds a prudent level.

Lord McIntosh of Haringey

The Government's fiscal rules are set out in the Financial Statement and Budget Report, July 1997, along with forecasts for the economy and for the public finances. The ratio of public debt to national income has risen very sharply since 1990. The Government's prudent approach to the public finances, and in particular the deficit reduction plan, means that the ratio is projected to fall steadily from this year onwards.