Recent reports indicate a dip in UK GDP and projected significant government debt increases, leading to concerns about long-term economic sustainability. The Office for Budget Responsibility warned that government debt could triple the size of the economy by 2075 unless urgent action is taken. The UK ranks poorly among advanced economies in terms of national debt and borrowing costs. Pressure for increased spending, particularly on social care and defense, complicates financial stability, and local councils struggle with budget constraints.
The UK cannot afford the array of promises displayed to the public, citing persistent patterns of U-turns on tax and spending from successive governments.
Among 36 advanced economies, the UK ranks sixth for national debt, fifth for annual borrowing, and third for borrowing costs.
Relying on ever-increasing borrowing to fund rising public services is not a viable long-term strategy.
Local councils are already spending nearly 60% of their budgets on social care, with some exceeding 80%.
Collection
[
|
...
]