Public debt 'must be resolved sooner'

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Public debt 'must be resolved sooner'

Fri 23rd Oct 2009

A sector commentator has suggested that the government needs to bring forward its targets over when the national deficit will be reduced to a manageable level.

John Sison, head of government and public spending group at PricewaterhouseCoopers, commented that currently the government wants to stop having a budget deficit by 2017/18.

However, he pointed out that this date needs to be brought forward due to the problems that are set to arise.

Mr Sison claimed that the bond markets may decide that they are not willing to wait through more than one lifetime of a parliament and call for a more effective plan.

He added: "We're fixated on the debt problem and the problem created by the recession and the credit crunch, but looming up behind that is the long-term fiscal problem of the aging population."

This week, the Office for National Statistics released a report showing that the current budget deficit stands at £11.3 billion.

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