A near tripling of the national debt; public spending accounting for well over half the economy’s annual output; government borrowing at levels never seen before: that’s how the Office for Budget Responsibility sees Britain in 50 years’ time when it looks into its crystal ball.
No question, it is grim stuff. On unchanged policies, the government’s independent spending watchdog sees national debt as a share of national income (gross domestic product) rising from just under 100% to 274% by the mid-2070s.
