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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 17 January 2026
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Displaying 4176 contributions

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Finance and Public Administration Committee [Draft]

Budget Scrutiny 2026-27 (United Kingdom Context)

Meeting date: 13 January 2026

Kenneth Gibson

We have talked about the fact that, 20 years ago, we had one of the lowest debts—if not the lowest—of all the countries in the G7, yet now we have the highest, proportionately. Table 5.10 of your report says that central Government debt is forecast to increase from £105.7 billion in November 2024-25 to £136.6 billion by 2029-30—a whopping increase of around 30 per cent over the next five years—and that the proportion of debt in the UK will ratchet up a little, from 95 to 96 per cent, even though the amount being borrowed will decrease towards the end of the forecast period. Can you talk us through why the interest rates, which represent about £2,000 for every person in the UK per year, will be so high?

Finance and Public Administration Committee [Draft]

National Performing Companies (Economic Impact)

Meeting date: 13 January 2026

Kenneth Gibson

You have not been to the cinema for a while, John. I think it is double what you are suggesting.

Finance and Public Administration Committee [Draft]

National Performing Companies (Economic Impact)

Meeting date: 13 January 2026

Kenneth Gibson

I have a few more people who want to come in. Do you want to come in on the same point, Alistair?

Finance and Public Administration Committee [Draft]

National Performing Companies (Economic Impact)

Meeting date: 13 January 2026

Kenneth Gibson

So does Alex Reedijk.

Finance and Public Administration Committee [Draft]

Budget Scrutiny 2026-27 (United Kingdom Context)

Meeting date: 13 January 2026

Kenneth Gibson

You are talking about a significant boost to capital in the current financial year, but that will reduce such that, by 2029-30, it will be lower than it was in 2023-24. My concern about that is that you will get inflationary impacts—you do not have a 15 or 16 per cent increase in capacity, but you have all this additional capital, so prices go up and then, suddenly, the share of capital declines, relatively speaking, and you are stuck with high prices. Is that a potential impact?

Finance and Public Administration Committee [Draft]

Budget Scrutiny 2026-27 (United Kingdom Context)

Meeting date: 13 January 2026

Kenneth Gibson

Historically, who has been the most accurate? We have the SFC coming in next week, incidentally.

Finance and Public Administration Committee [Draft]

Budget Scrutiny 2026-27 (United Kingdom Context)

Meeting date: 13 January 2026

Kenneth Gibson

John Mason is next.

Finance and Public Administration Committee [Draft]

National Performing Companies (Economic Impact)

Meeting date: 13 January 2026

Kenneth Gibson

Alistair Mackie, did you want to come in on that point?

Finance and Public Administration Committee [Draft]

Budget Scrutiny 2026-27 (United Kingdom Context)

Meeting date: 13 January 2026

Kenneth Gibson

The SFC would suggest that the OBR has always been a bit too optimistic on productivity. Would that be a fair assessment? I am aware that, as you have reiterated today, you are reducing your productivity forecast.

11:15  

Finance and Public Administration Committee [Draft]

National Performing Companies (Economic Impact)

Meeting date: 13 January 2026

Kenneth Gibson

I will let Liz in. We have only about 10 minutes—