Manifesto tracker

Fiscal Plan

All Mission pledges

UK national debt must be falling as a proportion of the UK’s GDP by the end of the 2029 financial year (the fifth year in the first 2024-29 5-year forecast for the 2024-29 Parliament).

Manifesto Section

Policy Area

Government Department

Accountable Minister

HM Treasury
Rachel Reeve

Commitment

UK national debt must be projected to fall by the 5th year (end) of the OBR’s forecast post-Autumn 2024 Budget.

What Does It Mean For the UK?

Ensuring that debt is falling as a share of the economy by the fifth year of the forecast reflects a commitment to fiscal responsibility and sustainable public finances. This policy aims to balance investment in public services and infrastructure with maintaining economic stability. Countries like Germany have implemented similar fiscal rules to ensure long-term economic stability. For the UK, this policy would require careful management of public spending and revenue generation to achieve a sustainable fiscal trajectory.