UK National Debt Projected to Triple Over Next 50 Years, OBR Warns
Aging population, climate change, and geopolitical tensions cited as key drivers of unsustainable debt growth.
- The Office for Budget Responsibility (OBR) forecasts UK national debt to reach over 270% of GDP by the 2070s.
- Rising health and pension costs due to an aging population are major contributors to the projected debt increase.
- Climate change mitigation and geopolitical tensions are expected to further strain public finances.
- Current public spending levels are the highest in 50 years, with significant increases anticipated in healthcare and social care.
- The Labour government faces a £22 billion fiscal shortfall and is considering spending cuts and tax increases to address the issue.
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