The OBR has laid bare the shocking state that our public finances were left in by the previous government. Highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP.
The government's official forecaster says its base scenario is a national debt of 267% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.
By 2071, the OBR projects the equivalent of a 250bn per year increase in public spending on health, social care, pensions and related benefits.
The report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances.
#uk-national-debt #fiscal-policy #office-for-budget-responsibility #public-spending #economic-forecasting
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