UK. A steep challenge ahead – what the latest fiscal sustainability report means for the public spending plans
Looking at how assets and liabilities on the public sector’s balance sheet are expected to change over time provides an important picture of the direction of travel when it comes to government activities. The Office for Budget Responsibility’s (OBR) latest report sounds alarm bells for mounting spending challenges ahead.
The Fiscal Sustainability Report, released by the OBR on Tuesday, sets out the long-term sustainability of the level of public debt. This is a key measure of the government’s fiscal policies, which since 2010 have involved reducing government spending with the aim of reducing the net debt level – polices we collectively refer to as austerity.
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