Assessment of Government Borrowing ‘Nebulous at Best’, Says Public Accounts Committee

Published on March 6, 2024

The measures to assess the value for money of government borrowing are “nebulous at best,” said Dame Meg Hillier, chair of the Public Accounts Committee (PAC). A PAC report published on Tuesday said it’s “impossible to know whether government is securing value for money from its borrowing” owing to the lack of clear measures. The report also said there’s limited information on who are the ultimate owners of 25 percent of UK debt held by overseas investors, and the potential risk this creates. The committee said it’s “unconvinced” that the government has adequately captured the lessons learned during the financial crisis and the COVID-19 pandemic, and that the government’s borrowing agency is facing more challenges because of the impending retirement of senior personnel....

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