HM Treasury is addressing long-term fiscal sustainability and hidden financial risks in public finances, particularly around pension liabilities, climate change impacts, and rising health spending pressures. The Fiscal Risks and Sustainability Report (published by the Office for Budget Responsibility) identifies emerging threats to fiscal stability, with Treasury responses outlining mitigation strategies and improved financial disclosure through the Whole of Government Accounts.
The government has published its response to the Office for Budget Responsibility’s 2025 Fiscal Risks and Sustainability Report.
The government has published its response to the Office for Budget Responsibility’s 2024 Fiscal Risks and Sustainability Report.
On Monday 8 July, the Chancellor of the Exchequer announced that she had instructed Treasury officials to undertake an audit of public spending for 2024-25.
The government has published its response to the Office for Budget Responsibility’s 2023 Fiscal Risks and Sustainability Report.
The government has published its response to the Office for Budget Responsibility’s 2022 Fiscal Risks and Sustainability Report.
Letter from the Chancellor to the Chair of the OBR responding to the 2021 Fiscal Risks Report.
Managing fiscal risks provides a comprehensive account of the actions the government is taking to address the 57 risks outlined by the OBR.