Forecaster says curtailing rising costs such as health and pensions ‘are today’s challenge, not just tomorrow’s’

The OBR revised up its public debt forecast in 2075 from 270 per cent as a share of GDP to 300 per cent due to higher pension spending.

The OBR set out the findings from a series of forecasts in the latest annual fiscal risks and sustainability report.

Forecaster says curtailing rising costs such as health and pensions ‘are today’s challenge, not just tomorrow’s’

The Office for Budget Responsibility has warned an ageing population could contribute to the UK's national debt tripling over the next 50 years

The UK has experienced one of the largest increases in government debt of any advanced economy over the past 20 years, the OBR said