The UK's national debt is predicted by the Office for Budget Responsibility (OBR) to nearly triple, reaching over 270% of GDP by the mid-2070s. Fiscal pressures, including an aging population, climate change costs, and geopolitical tensions, will exacerbate the situation, causing public spending to potentially exceed 60% of GDP while revenues stagnate at around 40%. Without timely governmental action, this trajectory indicates an unsustainable fiscal future.
The OBR cautioned that public debt is currently at its highest level since the 1960s, approximating £2.7 trillion, equating to about 99.7% of GDP. Given that public spending is already at nearly 45% of GDP, this heightened pressure from demographic and environmental factors could necessitate significant policy interventions from governments to stabilize the economy.
[
Collection
]
[
|
...
]