Rishi Sunak has been chastised by the UK’s statistics watchdog for claiming to have reduced public debt – despite not having done so.
Sir Robert Chote, the chair of the UK Statistics Authority (UKSA), said the prime minister’s assertion that “debt is falling” may have caused “confusion” and “undermined trust in the government’s use of statistics”.
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Reducing debt is one of the five pledges Mr Sunak made to the public at the start of the year, alongside cutting NHS waiting lists and “stopping the boats”.
He claimed “debt is falling” in a video posted on social media after the King’s Speech on 7 November and that “we have indeed reduced debt” at Prime Minister’s Questions on 22 November, the day of the Autumn Statement.
However, Liberal Democrat MP Sarah Olney questioned the veracity of the claim – pointing to a projection from the Office for National Statistics (ONS) that month which showed public sector net debt has risen on every measure.
Number 10 had argued Mr Sunak was referring to a projection that debt would be falling as a proportion of GDP by 2028.
But responding to Ms Olney’s concerns, Sir Robert said “the average person in the street” would have interpreted the comment to mean “debt was already falling or that the government’s policy decisions had lowered it at fiscal events – neither of which is the case”.
He added: “This has clearly been a source of confusion and may have undermined trust in the government’s use of statistics and quantitative analysis in this area.
“Members of the public cannot be expected to understand the minutiae of public finance statistics and the precise combination of definitional choices that might need to be made for a particular claim to be true.”
Ms Olney accused the prime minister of “reaching for the Boris Johnson playbook” and undermining trust.
She said: “Rishi Sunak knows he has no good story to tell on the UK economy so he has resorted to making one up. The least this no-growth prime minister could do is be honest about it with the British public.
“Instead, he has reached for the Boris Johnson playbook and undermined trust in politics. This is desperate stuff from a desperate prime minister and it is right that he has been called out on it.”
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Prime Minister Rishi Sunak has announced five goals which he says the government will accomplish this year.
It comes after Mr Sunak briefed his cabinet this morning on the progress of his five pledges which he made in January.
They are: Halving inflation, growing the economy, reducing national debt, cutting NHS waiting lists and stopping boats from crossing the Channel.
Mr Sunak said successes included halving inflation and reducing small boat crossings by a third, “but that there is still much work to do that will require continued dedication”.
While inflation has halved, critics said that was more to do with Bank of England policy – and the cost of living crisis remains, with the economy flatlining this year.
Read More:
UK economy flatlines but avoids recession this year
Meanwhile, thousands of people have come to the UK in small boats amid chaos over the Rwanda deportation policy.
And while NHS waiting lists fell slightly for the first time this year in October, the appointments backlog is still 7.71 million (down from a record 7.7m the month before), with the NHS bracing for a difficult winter.
Senator Tim Scott, the chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, recently said that he expects a crypto market bill to be passed into law by August 2025.
The chairman also noted the Senate Banking Committee’s advancement of the GENIUS Act, a comprehensive stablecoin regulatory bill, in March 2025, as evidence that the committee prioritizes crypto policy. In a statement to Fox News, Scott said:
“We must innovate before we regulate — allowing innovation in the digital asset space to happen here at home is critical to American economic dominance across the globe.”
Scott’s timeline for a crypto market structure bill lines up with expectations from Kristin Smith, CEO of the crypto industry advocacy group Blockchain Association, of market structure and stablecoin legislation being passed into law by August.
The Trump administration has emphasized that comprehensive crypto regulations are central to its plans for protecting the value of the US dollar and establishing the country as a global leader in digital assets by attracting investment into US-based crypto firms.
Senator Tim Scott highlights the Senate Banking Committee’s goals and accomplishments in 2025. Source: Fox News
Related: Atkins becomes next SEC chair: What’s next for the crypto industry
Support for comprehensive crypto regulations is bipartisan
US lawmakers and officials expect clear crypto policies to be established and signed into law sometime in 2025 with bipartisan support from Congress.
Speaking at the Digital Assets Summit in New York City, on March 18, Democrat Representative Ro Khanna said he expects both the market structure and stablecoin bills to pass this year.
The Democrat lawmaker added that there are about 70-80 other representatives in the party who understand the importance of passing clear digital asset regulations in the United States.
Treasury Secretary Scott Bessent, pictured left, President Donald Trump in the center, and crypto czar David Sacks, pictured right, at the White House Crypto Summit. Source: The White House
Khanna emphasized that fellow Democrats support dollar-pegged stablecoins due to the role of dollar tokens in expanding demand for the US dollar worldwide through the internet.
Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, also spoke at the conference and predicted that stablecoin legislation would be passed into law within 60 days.
Hines highlighted that establishing US dominance in the digital asset space is a goal with widespread bipartisan support in Washington DC.
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The US Social Security Administration (SSA) will move all public communications to the X social media platform amid sweeping workforce cuts recommended by the Department of Government Efficiency (DOGE), led by X owner Elon Musk.
According to anonymous sources who spoke with WIRED, the government agency will no longer issue its customary letters and press releases to communicate changes to the public, instead relying on X as its primary form of public-facing communication.
The shift comes as the SSA downsizes its workforce from 57,000 employees to roughly 50,000 to reduce costs and improve operational efficiency. The agency issued this statement in February 2025:
“SSA has operated with a regional structure consisting of 10 offices, which is no longer sustainable. The agency will reduce the regional structure in all agency components down to four regions. The organizational structure at Headquarters also is outdated and inefficient.”
Elon Musk, the head of DOGE, has accused the Social Security system of distributing billions of dollars in wrongful payments, a claim echoed by the White House. Musk’s comments sparked intense debate about the future of the retirement program and sustainable government spending.
Source: Elon Musk
Related: Musk says he found ‘magic money computers’ printing money ‘out of thin air’
DOGE targets US government agencies in efficiency push
The Department of Government Efficiency is an unofficial government agency tasked with identifying and curbing allegedly wasteful public spending through budget and personnel cuts.
In March, DOGE began probing the Securities and Exchange Commission (SEC) and gained access to its internal systems, including data repositories.
SEC officials signaled their cooperation with DOGE and said the regulatory agency would work closely with it to provide any relevant information requested.
Musk and Trump discuss curbing public spending and eliminating government waste. Source: The White house
DOGE also proposed slashing the Internal Revenue Service’s (IRS) workforce by 20%. The workforce reduction could impact up to 6,800 IRS employees and be implemented by May 15 — exactly one month after 2024 federal taxes are due.
Musk’s and the DOGE’s proposals for sweeping spending cuts are not limited to slashing budgets and reducing the size of the federal workforce.
DOGE is reportedly exploring blockchain to curb public spending by placing the entire government budget onchain to promote accountability and transparency.
Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle
United States President Donald Trump has exempted an array of tech products including, smartphones, chips, computers, and select electronics from tariffs, giving the tech industry a much-needed respite from trade pressures.
According to the US Customs and Border Protection, storage cards, modems, diodes, semiconductors, and other electronics were also excluded from the ongoing trade tariffs.
“Large-cap technology companies will ultimately come out ahead when this is all said and done,” The Kobeissi letter wrote in an April 12 X post.
US Customs and Border Protection announces tariff exemptions on select tech products. Source: US Customs and Border Protection
The tariff relief will take the pressure off of tech stocks, which were one of the biggest casualties of the trade war. Crypto markets are correlated with tech stocks and could also rally as risk appetite increases on positive trade war headlines.
Following news of the tariff exemptions, the price of Bitcoin (BTC) broke past $85,000 on April 12, a signal that crypto markets are already responding to the latest macroeconomic development.
Related: Billionaire investor would ‘not be surprised’ if Trump postpones tariffs
Markets hinge on Trump’s every word during macroeconomic uncertainty
President Trump walked back the sweeping tariff policies on April 9 by initiating a 90-day pause on the reciprocal tariffs and lowering tariff rates to 10% for countries that did not respond with counter-tariffs on US goods.
Bitcoin surged by 9% and the S&P 500 surged by over 10% on the same day that Trump issued the tariff pause.
Macroeconomic trader Raoul Pal said the tariff policies were a negotiation tool to establish a US-China trade deal and characterized the US administration’s trade rhetoric as “posturing.”
Bitcoin advocate Max Keiser argued that exempting select tech products from import tariffs would not reduce bond yields or further the Trump administration’s goal of lowering interest rates.
Yield on the 10-year US government bond spikes following sweeping trade policies from the Trump administration. Source: TradingView
The yield on the 10-year US Treasury Bond shot up to a local high of approximately 4.5% on April 11 as bond investors reacted to the macroeconomic uncertainty of a protracted trade war.
“The concession just given to China for tech exports won’t reverse the trend of rates going higher. Confidence in US bonds and the US Dollar has been eroding for years and won’t stop now,” Keiser wrote on April 12.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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