According to the IFS “It’s not accurate to say that debt is falling. Public sector debt is currently rising in cash terms, real terms, and (most importantly) as a per centage of national income.” Yet today both Sunak and Hunt have claimed the debt is falling as per one of Rishi’s original five pledges. This is simply not true.

To keep debt from rising above 100% of GDP over the long-term would require a cut in annual spending of 4.4% of GDP according to the OBR. After today real-terms spending is scheduled to rise even if the Tories win the next election. The simple truth is the national debt will keep on rising unless the economy grows faster or spending is cut.