MNI POLICY: Cracks On MPC But Gradualism Holds, Bailey Nuanced

MNI BRIEF: Fed's Goolsbee Sees Rates 'A Fair Bit Lower'

MNI: BLS: NET REVISIONS TO JULY, AUG PAYROLLS +72K

MNI NBP WATCH: Rates Held As Energy, Wages Push Up Prices

MNI BRIEF: NBP Keeps Key Interest rates unchanged

MNI BRIEF: Turkish Inflation Expectations Ease As CBRT Holds

Economic Data Calendar

CANADA SEP IVEY PURCHASING MANAGERS INDEX 53.1 SA

EZ/UK Bond Supply Calendar: BoE APF Monday; EU Syndication

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: UK Public Finances On Unsustainable Path - OBR

An Office for Budget Responsibility report shows long term UK finances are unsustainable.
Bank of EnglandGlobalCentral Bank NewsPolicy NewsCEEMEABriefUKStoryRegion

MNI (LONDON) - The Office for Budget Responsibility said Thursday that the UK public finances are on an unsustainable path in the long term.

The OBR's projections showed that on current policy settings over the next 50 years public spending would rise from its current 45% of GDP to over 60%, with tax revenues stuck at around 40% of GDP with debt rising as a result to 274% of GDP and over 300% of GDP on an upside risks scenario. To get debt back to its pre-pandemic levels average fiscal tightening of 1.5 per cent of GDP per decade would be needed, the report published Thursday showed.

Keep reading...Show less
170 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

MNI (LONDON) - The Office for Budget Responsibility said Thursday that the UK public finances are on an unsustainable path in the long term.

The OBR's projections showed that on current policy settings over the next 50 years public spending would rise from its current 45% of GDP to over 60%, with tax revenues stuck at around 40% of GDP with debt rising as a result to 274% of GDP and over 300% of GDP on an upside risks scenario. To get debt back to its pre-pandemic levels average fiscal tightening of 1.5 per cent of GDP per decade would be needed, the report published Thursday showed.

Keep reading...Show less