The UK faces three catastrophic risks to its finances, the local Office for Budget Responsibility (OBR), the government agency responsible for independent analysis of the area, said.

The first of the threats in the OBR was called the need to fund public spending related to the pandemic. We are talking about the amount of more than 30 billion pounds (a little over three trillion rubles), which will be needed in the next three years. Most of the money is needed for spending in the healthcare system, including funding vaccination programs and testing residents for coronavirus. The transport sector and education also require funding, the OBR noted.

The next risk comes from the government’s pledge to eliminate air emissions by 2050. Its implementation can lead to an increase in public debt in the amount of 21 percent of gross domestic product (GDP) over the next 30 years, experts say. Part of the cost in this area can be covered by taxes on carbon emissions, but this is not enough. Meanwhile, the public debt has already reached almost 100 percent of GDP and represents the third threat to British finances, according to OBR.
The country’s huge debt, along with potential problems in economic recovery, has already given experts reason to predict the fate of Britain’s “faded empire.” In addition to the difficulties associated with the pandemic, the country is also facing the consequences of Brexit, which attracts confrontation with the EU, including the trade area.