Read: https://publications.parliament.uk/pa/ld5901/ldselect/ldeconaf/5/5.pdf
The summary is three pages long, but I think this states it succinctly: To ensure debt is on a sustainable path, we face a choice. If we wish to improve the level and quality of services, and continue the current provision of benefits, taxes will need to rise. The alternative is that the state does less. Addressing this will demand clarity as to the responsibilities and role of the individual versus that of the state. If this choice is ducked during this Parliament, the UK risks being on a path to unsustainable debt. Muddling through is not an option.
It doesn't give a year when it thinks debt levels would be unsustainable.
It might be interesting to read this and pick out the British idioms. Here are a few:
- muddling through
- ducked
- fit for purpose
- pump prime ("prime the pump")
- gilt (meaning "bond")
- short-termism
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