Climate change and a sicker, older population will increase debt while declining fuel duty will bring down tax takes with a carbon tax failing to recoup lost revenue, the OBR said.
The gap between how much money the state takes in and its spending will triple in the next 50 years, according to independent forecasters. Public debt will rise due to an ageing and ill population as well as climate change, the fiscal watchdog the Office for Budget Responsibility has said. The ratio between debt and everything produced in the economy as measured by gross domestic product will reach 270%. Money blog: Most stressful UK jobs revealed Latest figures show debt is nearly 100% of GDP.
It's been described by the body as 'unsustainable'. As the combustion engine is phased out and motorists turn to electric vehicles revenue will be lost from fuel duty, cutting a key source of state revenue. A carbon tax does not replace lost motoring taxes as fuel duty declines, the OBR's report said. What's the OBR? The office was established to crunch the public finance numbers, provide forecasts and analyse government budgets.
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