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Public Debt Management Bill 2012-13

Commons

(This Bill is from a previous session)

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Summary

  • Type of Bill:

    Presentation Bill

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Summary

A Bill presented by Bill Gummer MP to limit government budget deficits. The Bill would also introduce a ceiling on public debt.

In the Budget 2012, public debt for the United Kingdom was measured at 71.9 per cent of the GDP (gross domestic product).  The Bill proposes to put a debt ceiling on public spending which would cap the level of public funds that the government would be able to borrow.

The only other countries to have a ceiling on public debt are Denmark and the United States.

The Bill was due to have its second reading on 30 November 2012 but was not moved for debate.

The Bill failed to complete its passage through Parliament before the end of the session. Therefore, the Bill will make no further progress.