Fiscal Risks and Sustainability - 2022

OBR's two biennial reports on the long-term sustainability of the public finances (Fiscal sustainability report) and fiscal risks facing the UK (Fiscal risks report) have been combined into a single annual report for the first time. The 2022 Fiscal Risks and Sustainability report focuses on three potential pressures on the public finances: heightened geopolitical tensions. We look back at how geopolitical conflict has affected the public finances in the past and explore the economic and fiscal implications of the potential threats we face today. higher energy prices. We assess the fiscal risks from higher medium-term fossil fuel prices and potential fiscal implications of long-term changes in energy supply and demand, taking account of the UK’s decarbonisation objectives. demographic change. Our first fully updated assessment of long-term fiscal sustainability since before the pandemic in 2018. Taking account of the medium-term economic and fiscal developments reflected in our March 2022 forecast and the latest ONS population, it includes projections of the path of government borrowing and debt over the next 50 years.