This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-40594347

The article has changed 5 times. There is an RSS feed of changes available.

Version 0 Version 1
Health the biggest risk to UK finances Health the biggest risk to UK finances
(35 minutes later)
The UK's fiscal watchdog has released its first ever assessment of the biggest challenges to the country's finances. The UK's fiscal watchdog has said health costs are the biggest risk to the government's spending plans.
The Office for Budget Responsibility says the greatest risk to spending is the cost of the health service. The Office for Budget Responsibility's (OBR) says the UK faces the challenge of an ageing population and the high cost of technological advances.
It says by far the biggest pressures are from the ageing population and the high cost of technological advances. It also says: "Lifting current limits on public sector pay increases would pose a fiscal challenge."
On public sector pay it says "lifting current limits ... would pose a fiscal challenge". But on Brexit, the OBR says a large "divorce bill" for leaving the EU would not be a big threat to UK finances.
But on Brexit, the report says a large "divorce bill" for leaving the EU would not be a big threat to the UK's finances.
Instead it argues that trade agreements with the EU other trading partners are more important for the long-term growth of the UK economy.Instead it argues that trade agreements with the EU other trading partners are more important for the long-term growth of the UK economy.
The OBR's Fiscal Risks Report outlines a range of risks that the UK faces, and adds that the issues are complicated by the government having "to manage the uncertainties posed by Brexit, which could influence the likelihood or impact of other risks".
Other cost pressure include, "the uncertain costs of cleaning up nuclear power stations, compensating victims of clinical negligence and reimbursing tax that the courts determine should not have been collected.Other cost pressure include, "the uncertain costs of cleaning up nuclear power stations, compensating victims of clinical negligence and reimbursing tax that the courts determine should not have been collected.
"In the near term the Government may also need to finance an extensive programme of fire safety measures in the wake of the Grenfell Tower tragedy." "In the near term the Government may also need to finance an extensive programme of fire safety measures in the wake of the Grenfell Tower tragedy".
Tax-take
The OBR outlines how important economic growth is to the amount of tax the country can collect. It says that over fifty years, an annual 0.1% fall in economic output would cause Britain's debt-to-GDP ratio to be 50 percentage points higher.
The amount of money the Treasury collects in taxes each year also faces risks:
Under its charter, the Office for Budget Responsibility has to produce a report on fiscal risks every two years. The Treasury has to reply to the report within a year.