Tax & Spend
UK Forecaster Warns Public Debt Will Almost Triple by 2070s
- Health care spending and borrowing costs set to hit finances
- Projection comes as Labour prepares a belt-tightening budget
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The UK’s official forecaster warned that public debt will nearly triple to over 270% of GDP in 50 years unless the government can solve the country’s health crisis and revive productivity growth.
The Office for Budget Responsibility said rising health spending is expected to be the biggest driver, almost doubling to 14.5% of GDP in its long-term projection published Thursday. That is being caused by an aging population.