The OECD warns that 'significant action' is required to stabilize the UK's public finances, emphasizing the urgency for Chancellor Rachel Reeves to reform fiscal policy.
The report highlights financial pressures from healthcare, pensions, and climate change, compounded by high debt and sluggish economic growth, stressing the importance of comprehensive fiscal reforms.
The OECD recommends abolishing stamp duty as it discourages housing market mobility, urging a reassessment of fiscal rules to enhance investment in productivity.
With the UK's debt nearing 100% of GDP, experts warn that unsustainable debt occurs when interest payments exceed economic growth, a critical turning point for Britain.
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