The document lays out remorselessly how long-term trends, including the ever-rising cost of the state pension through the triple lock pledge, the economic consequences of climate change and the upward pressure on defence spending will lead to more and more debt being loaded on the public sector balance sheet. And that is all before taking into account the impact of any unforeseen shocks such as a financial collapse, a pandemic, or another energy crisis. Terrifyingly, on current trends, the OBR projects debt to rise to above 270 per cent of GDP by the early 2070s.
Labour’s economic illiteracy is dragging us into a doom loop
