07-08-2022, 05:12 AM
UK government debt on unsustainable path unless taxes hiked, says OBR
UK debt is on an "unsustainable path" unless spending is tightened and taxes are raised, the government's independent forecaster has warned.
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The Office for Budget Responsibility (OBR) said soaring energy prices and pressures from an ageing population risked tipping the UK into a recession.
Moving away from fossil fuel vehicles to electric ones could also hit tax revenues, the OBR said.
It forecast debt levels could more than treble in 50 years' time.
High inflation is driving up interest payments. In May they hit £7.6bn, the highest level for that month on record and a £3.1bn jump from a year earlier.
In its fiscal risks and sustainability report, the OBR said the government had already spent as much this year, 1.25% of GDP, to help households cope with the cost-of-living crisis as it did supporting the economy through the 2008 financial crisis.
The OBR said bringing debt back to 75% of GDP, the level at which it stabilised in the government's pre-pandemic March 2020 Budget, "would need taxes to rise, spending to fall, or a combination of both".
"The pressures of an ageing population on spending and the loss of existing motoring taxes in a decarbonising economy leaves public debt on an unsustainable path in the long term," the OBR said.
The government has pledged to ban the sale of new petrol and diesel-powered cars from 2030. Fuel duties are currently a big source of tax revenue.
UK debt is on an "unsustainable path" unless spending is tightened and taxes are raised, the government's independent forecaster has warned.
The rules for playing the web on เล่นสล็อต are a difficult study. Simply rotate the reels to get the same symbols as the game defines.
The Office for Budget Responsibility (OBR) said soaring energy prices and pressures from an ageing population risked tipping the UK into a recession.
Moving away from fossil fuel vehicles to electric ones could also hit tax revenues, the OBR said.
It forecast debt levels could more than treble in 50 years' time.
High inflation is driving up interest payments. In May they hit £7.6bn, the highest level for that month on record and a £3.1bn jump from a year earlier.
In its fiscal risks and sustainability report, the OBR said the government had already spent as much this year, 1.25% of GDP, to help households cope with the cost-of-living crisis as it did supporting the economy through the 2008 financial crisis.
The OBR said bringing debt back to 75% of GDP, the level at which it stabilised in the government's pre-pandemic March 2020 Budget, "would need taxes to rise, spending to fall, or a combination of both".
"The pressures of an ageing population on spending and the loss of existing motoring taxes in a decarbonising economy leaves public debt on an unsustainable path in the long term," the OBR said.
The government has pledged to ban the sale of new petrol and diesel-powered cars from 2030. Fuel duties are currently a big source of tax revenue.