UK faces unsustainable debt burden unless taxes rise, watchdog warns

Britain faces an unsustainable debt burden more than three times its current level unless future governments raise taxes to fund increasing costs from an ageing population and falling revenue from taxation on motor fuel, a watchdog warned on Thursday.

by | 7 Jul, 2022

Britain’s Office for Budget Responsibility (OBR), a government agency, said debt was on course to reach more than 320% of gross domestic product (GDP) in 50 years’ time – up from 96% or 2.4 trillion pounds ($2.9 trillion) currently – if successive governments failed to tighten fiscal policy.

Read more at Reuters

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