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National debt forecast to treble over next 50 years
LONDON – The UK’s national debt is expected to more than treble over the next 50 years, a new forecast warns.
The Office for National Statistics (ONS) predicts that the country’s national debt, which currently stands at £2.3 trillion, will soar to £6.7 trillion by 2072-73.
The warning comes as the UK faces ongoing economic challenges, including rising inflation and a stagnant economy.
"This is a sobering warning about the direction we are heading," said Dr. Simon Wren, the ONS’s Chief Economic Adviser.
"We must take action now to tackle the debt burden and ensure a more sustainable economic future for the country."
The forecast also predicts that government borrowing will remain high in the short-term, despite the economy returning to growth.
This has sparked concerns about the sustainability of the UK’s economic model and the long-term implications for public spending.
"It’s a warning to all of us – the UK is facing a severe economic reckoning," said Chris Cummings, CEO of the Investment Association.
"The country’s debt burden is unsustainable, and urgent action is needed to get it under control."
Latest developments
- The Chancellor, Sajid Javid, has pledged to "make sure we don’t go back to the kind of reckless spending that led to the 2008 crisis".
- Opposition parties are calling for increased spending on public services, despite concerns about the country’s financial sustainability.
- Economists are warning of the long-term consequences of unchecked debt, including inflation, stagnation, and a decreased ability to borrow.
Key quotes
- "We need to make sure we don’t pass the buck to the next generation and saddle them with our debt." – Sajid Javid, Chancellor
- "The warning signs are there, but it’s still possible to turn things around. The question is, are we willing to make the hard choices?" – Chris Cummings, CEO of the Investment Association
- "We can’t afford to take our eyes off the ball. The next 50 years will be critical for the UK’s economic future." – Dr. Simon Wren, ONS Chief Economic Adviser
Related topics
- National debt
- Government borrowing
- Economic forecasts
- Sustainable economy
- Public spending
- Inflation
- Stagnation
Tags
- Breaking news
- National debt
- UK economy
- Office for National Statistics (ONS)
- Chancellor
- Sajid Javid
- Chris Cummings
- Investment Association
- Dr. Simon Wren
- Government borrowing
- Public spending
- Inflation
- Stagnation
- Economic forecasts
- Sustainable economy
- 2008 crisis
- Long-term consequences
- Debt burden
- UK government
[Top Stories] – National debt forecast to treble over next 50 years | BBC
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