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<p>The OBR examine the impact of demographic trends on the public finances over the long-term. Its 2022 projections show that an ageing population places upward pressure on health, adult social care, and pension related spending. Without any action, the sum of these spending areas is projected to increase by around 11 percentage points as a share of GDP between 2026-27 and 2071-72.</p><p> </p><p>To manage meet these longer-term spending pressures and maintain high quality public services, we must plan for how we move to a more productive state.</p><p> </p><p>To support this the Chancellor has recently announced a major public sector productivity programme that will assess what is required to increase productivity growth in the short and long-term, which I will lead across all government departments. We will report on progress in the Autumn.</p> |