The UK public finances are on an unsustainable path, with the cost of borrowing at its highest in the G7 and public spending uncontrollable. Key reforms are necessary, especially concerning the NHS and the state pension. The state must become smaller and more efficient while improving overall productivity. Projections show public debt could reach 270% of national income in 50 years, potentially escalating to 647% if productivity growth remains low. The Office for Budget Responsibility warns that successive governments have had limited success in stabilizing finances.
At least once a year the independent fiscal watchdog barks another warning that the UK public finances are on an unsustainable path.
Two big changes are needed to turn things around. First, the state must become smaller and more efficient. Second, productivity has to improve across the whole economy.
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