House of Lords Economic Affairs Committee warns UK's £2.7 trillion national debt risks unsustainability, advocates for new debt rule with accountability.
The House of Lords Economic Affairs Committee warns that the UK's national debt, currently around £2.7 trillion, risks becoming unsustainable. It criticizes the government's fiscal rule based on debt-to-GDP ratios as flawed and suggests higher taxes or cuts to public services may be necessary. The committee advocates for a new debt rule with accountability and a goal to reduce debt relative to national income within five years.
September 09, 2024
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