Unsustainable fiscal outcomes that may not occur for some years are today’s challenge, not just tomorrow’s,” Josephs said.
He warned that waiting until the middle of the century to implement changes would double the magnitude of the fiscal correction required.
“Doing this earlier would be less costly than delaying the required fiscal adjustment,” Josephs added.
From the political opposition, criticism mounted against Chancellor Rachel Reeves for failing to implement long-term protective structural guidelines.
“In the last few days that Rachel Reeves is Chancellor, the OBR makes clear her legacy is higher debt today and deteriorating public finances tomorrow,” said Andrew Griffith, Shadow Business Secretary.
The opposition argued that leadership must immediately confront the realities of the fiscal report to protect future economic stability.
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“Sooner or later someone has to tell the hard truths and grip our unsustainable public finances,” Griffith said.
