UK public finances are in a “very risky” position, with government debt on course to hit 310 per cent of gross domestic product in 50 years, the Office for Budget Responsibility has warned.
The fiscal watchdog said in a report on Thursday that the UK was “more vulnerable” than in the past or than other advanced economies when it came to public debt, which in May surpassed 100 per cent of GDP for the first time since 1961.
“The pressures on the public finances have mounted considerably since the last time we did one of these projections [in 2022],” said Richard Hughes, OBR chair.
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