Public debt levels in the UK could soar to nearly 300 per cent of GDP over the next 50 years as governments wrestle with challenges such as climate change and an ageing population, the Office for Budget Responsibility has warned.
As part of its assessment of the long-term fiscal risks facing the economy, the independent watchdog said that current policy choices and future policy pressures “put the public finances on an unsustainable path”.
The OBR said: “Over the next 50 years, public spending is projected to rise from 45 [per cent] to over 60 per cent of GDP, while revenues remain at around 40 per cent. As a result, debt would rise rapidly from the late 2030s to 274 per cent of GDP in our