The national debt risks developing on an unsustainable path, necessitating tough fiscal decisions to ensure long-term financial stability for Britain.
A report by peers emphasized the necessity of establishing new rules for public finances to reduce national debt, currently just under 100% of annual national income.
Darren Jones warned about the dire state of the UK's finances, citing a decade of economic stagnation and a £22 billion shortfall that requires urgent remedy.
The House of Lords committee raised an alarm regarding Britain's national debt, exacerbated by demands for increased spending on defense and social care.
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