The Chief Secretary to the Treasury (Mr Simon Clarke)

In the long run, the OBR’s projections show that demographic change, other cost pressures and the transition to net zero will present significant challenges to the public finances. The OBR note the actions the Government have taken to strengthen the public finances and reduce debt levels over the medium term, but significant pressures remain. The report also highlights that the UK still faces threats in the near term. The public finances remain sensitive to inflation and interest rates, with the outlook for energy prices being uncertain and made more pronounced by heightened geopolitical tensions. The Government must therefore continue to bring down the level of debt and rebuild fiscal space, so we can safeguard the economy against future challenges and respond as future risks materialise.

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