My Lords, on 12 July last year the Chancellor told the House of Commons that
“the Government commit to spending 0.7% of GNI on ODA when the independent Office for Budget Responsibility’s fiscal forecast confirms that, on a sustainable basis, we are not borrowing for day-to-day spending and underlying debt is falling”.—[Official Report, Commons, 12/7/21; col. 3WS.]
In March the Economic and Fiscal Outlook said the following of ODA, on page 129:
“At this forecast, the current budget reaches surplus and underlying debt falls from 2023-24.”
That is just six months away. Why are the Government not preparing for restoration as, according to the OBR, we have met the fiscal tests?