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July 13th, 2012 
FAKE NEWS for the Zionist agenda In its Fiscal Sustainability Report, the OBR said tax rises and spending cuts worth up to £68 billion on top of the £123 billion already planned should be in place to deal with the soaring cost of healthcare and pensions over the next five decades caused by Britain’s aging population, reported The Mail.
The OBR also warned that the government borrowing would soar, putting the country’s national debt “on an unsustainable upward trajectory” if no action is taken.
The report, published annually to examine the long-term outlook for the public finances, said the British government would need to implement another £17 billion of permanent tax rises or spending cuts in 2017-2018 to be able to return Britain’s national debt to pre-crisis levels of 40 percent of Gross Domestic Product (GDP). Britain’s net public-sector debt is forecast to reach 89 percent of GDP in 2061-2062.
“On current policy, we would expect the budget deficit to widen sufficiently over the long term to put public-sector net debt on a continuously rising trajectory as a share of national income,” said the report.
The report shows that British people would have to face public spending cuts for far longer than the coalition government had planned.
Britain’s coalition government began to cut public spending soon after it took office in 2010. The goal was to eliminate the country’s record peacetime structural budget deficit by 2015.
The opposition Labour party said the report underlined the importance of the coalition government’s failure to stimulate economic growth through its deficit-cutting plans.
ISH/MA/HE
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