Britain’s public finances are bad. Their future looks worse
A cherished pension policy poses a hefty fiscal risk
THE government’s books are in poor shape. Its deficit exceeds 5% of GDP and its debt ratio is close to 100%. Both—along with its borrowing costs—are at the wrong end of international league tables. Rachel Reeves, the chancellor, is struggling to hit her fiscal targets, even more so after U-turns on payments to disabled people and pensioners. Her annual Mansion House speech on July 15th will be closely parsed for clues to how she might try.
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This article appeared in the Britain section of the print edition under the headline “Pension pothole”
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