The Chancellor of the Exchequer (Mr Philip Hammond)

In the long term, the most significant fiscal risks come from structural economic and societal trends such as lower productivity growth, higher interest rates, changes in consumption and working practice, demographic pressures and technological change. Additionally, the report highlights new risks—such as climate change and the costs associated with measures designed to adapt and mitigate the effects. The risks the OBR has highlighted further reinforce the need for prudent management of the public finances and the reduction of debt to more sustainable levels.

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