Long-term public finance report: an analysis of fiscal sustainability in United Kingdom.

The UK Government has published the Long-term public finance report annually since 2002. The publication is motivated by the Government’s belief that sustainable public finances are a prerequisite to achieving high and stable rates of long-term economic growth. Furthermore, it is hoped that the publication will help to stimulate a public discussion on the range of socio-economic issues that will have a profound effects on society in the decades to come. One of the key challenges that all developed economies are facing over the coming decades is the ageing of their populations. The report presents the latest population projections for the UK and in addition discusses a number or related issues, including longer-term health trends and healthy living. The report then presents, based on current policy settings, the projections for spending and revenue up to the mid 2050s, and assesses the long-term sustainability of the public finances based on a range of assumptions and using a number of fiscal indicators. The report concludes that the UK is in a strong position relative to many other developed countries to deal with the fiscal challenges of the future.