Spending set to put national debt on 'unsustainable path'

PUBLIC finances will be on an "unsustainable path" unless the Government acts, the spending watchdog has warned.

- Chris Dorrell

The Office for Budget Responsibility predicts public debt would soar to more than 270% of gross domestic product by the mid-2070s, up from just under 100% now, due to a big projected rise in public spending.

OBR forecasts, based on stated government policy, suggest public spending will rise to 60% of GDP from 45% but revenue will remain flat..

The increase in spending will mainly be driven by the transition to net zero, the costs of supporting an ageing populartion and geopolitical tensions that push up defence spending.