The Office for Budget Responsibility has warned of vulnerabilities in Britain's public finances, projecting that government debt will exceed 270% of economic output by the early 2070s. Rising debt has limited the government's capacity to respond to future economic shocks. Rachel Reeves faces mounting pressure to address a significant financial gap resulting from Sir Keir Starmer's changes to benefits and winter fuel payments. The chancellor must find an additional £5 billion to address the gap left by welfare reform rollbacks, alongside over £1 billion for pensioner fuel payments.
The Office for Budget Responsibility has warned that Britain's public finances are in a relatively vulnerable position, estimating that government debt will exceed 270% of the UK's economic output by the early 2070s.
Rachel Reeves faces immense pressure to address a multi-billion pound gap in public finances, largely due to recent U-turns on welfare reform and winter fuel payments.
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