Rachel Reeves

Rachel Reeves

Labour — Leeds West and Pudsey

Speaking in the House of Commons on 3 March 2026

Debate

Spring Forecast

Contribution

We are spending £100 billion a year on interest payments on Government debt. That is spending not on reducing Government debt, but just on the interest on Government debt, which is £1 in every £10 of what the Government spend. I think there are better ways to spend that money, and that is why I am determined to start bringing down the debt and, crucially, to reduce the interest payments on that debt. The OBR confirmed today that next year we will spend £4 billion less on interest on Government debt, because of the decisions we have made to return stability and give confidence to investors.

More from Rachel Reeves

Other recent Hansard contributions by the same speaker.

About Hansard

Hansard is the official verbatim record of proceedings in the UK Parliament. Every word spoken in the Commons and Lords is recorded and published — this page is a single contribution from that record.

For Rachel Reeves's full parliamentary record including voting history, expenses and all other contributions, see the Rachel Reeves report card.

Partner sites