"We will keep day-to-day spending within fiscal rules."
Day-to-day borrowing breached original fiscal rule in Q3 2025. Rules adjusted twice in 18 months. OBR issued warning.
Households face higher long-term costs as borrowing is deferred to future taxpayers.
"We will eliminate waste and improve efficiency by Β£6bn."
Efficiency review identified Β£3.8bn of potential savings but only Β£1.4bn realised. Department budgets 8% above plan on average.
Taxpayers funding Β£4.6bn in promised but undelivered savings.
"Capital investment will be protected and prioritised."
Capital budget increased Β£7bn above original plan, funded by relaxed debt rule. Productive investment proportion fell to 41%.
More borrowing at higher rates with less productive investment per pound spent.
James Murray oversees HM Treasury's management of total public expenditure as Chief Secretary. His primary responsibilities include enforcing departmental spending limits, approving supplementary estimates, and ensuring compliance with the fiscal rules set by the Chancellor.
In 2026/27, total managed expenditure reached Β£1.28tn β Β£100bn above the original spending review envelope. Departmental overspending averaged 8% above plan, with Murray's efficiency programme delivering only Β£1.4bn of the promised Β£6bn in savings.
The OBR placed the UK's fiscal credibility "under watch" following two revisions to fiscal rules within 18 months, citing structural day-to-day borrowing that has not been brought under control.
Get the data before the headlines. No spin, no agenda β just the numbers that affect your household.