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Demographic pressures and the costs of climate change will weigh on the public finances, says the Office for Budget Responsibility (OBR). Surging public spending is projected to lead to a rise in the ratio of public debt to 274% of GDP over the coming 50 years, compared with less than 100% now.
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“On almost any scenario the government is likely to have to raise taxes or cut spending to keep the public finances on a sustainable trajectory,” Richard Hughes, OBR chair, said as it published its Fiscal Risks and Sustainability report on Thursday, analysing longer-term fiscal trends.
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