UK debt could triple | General News

The UK’s public debt is projected to nearly triple from its current level over the next 50 years.

The UK’s public debt is expected to rise on an “unsustainable path” unless significant policy changes are made, according to a fiscal risk report released by the Office for Budget Responsibility.

In this context, there is a risk that public debt, which rose to 98.1 percent of Gross Domestic Product (GDP) in March 2024, its highest level since 1960, will triple in 2073-2074 and reach 274 percent of GDP.

It is anticipated that this increase will be influenced by population aging, decreasing workforce, increasing expenditures to combat climate change and geopolitical risks.

In addition, it is estimated that public expenditures, which constitute 45 percent of GDP, will reach 60 percent during this period, while government revenues will remain constant at 40 percent, leading to a growing increase in the budget deficit.

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