Very excited to learn all about SALT in Ed Conway's Material World!🧂

New report out!

What should be the next steps in our analysis of the impact of climate change on the UK public finances? We’ll be seeking your views in our upcoming discussion paper – out 11am 26 October

We’ve published our 4th discussion paper seeking your views on the next steps in our analysis of the fiscal implications of climate change. Read more obr.uk/publication-of…

Great conference of the inter-parliamentary financial information network, kindly hosted by the OECD ➡️ Better Policies for Better Lives. Particularly good session by Alison Todd from Office for Budget Responsibility and Eddie Casey of ifac on assessing and communicating the fiscal risks/costs of climate change.

Alison Todd talking through the fiscal implications of net zero and climate change in the UK. Interesting closing on #climatechange impacts, costs and #Adaptation

Do you care about global warming? betterstats.net/combating-clim…

Excellent article from Ed Conway today

2024 Fiscal risks and sustainability report published – more highlights and charts to follow 📗 #OBRfiscalrisks Data and supporting documents now available on our website: obr.uk/frs/fiscal-ris…

How could the changing climate impact public finances in the future? Chapter 2 of our latest FRS report builds on our previous work on climate change mitigation by exploring the potential fiscal costs of climate-related damage. #OBRfiscalrisks #climatechange #netzero

Uncertainties around the fiscal costs of climate-related damage are high. Under a selection of alternative assumptions, the increase in debt ranges from below 10% of GDP to over 65% of GDP. #OBRfiscalrisks #climatechange #NetZero

OBR's latest Fiscal risks and sustainability report investigates the costs of climate change damage to UK public finances: obr.uk/frs/fiscal-ris…

By the early 2070s, climate-related damage could reduce UK GDP by 8% in a scenario where global temperatures rise to just below 3°C. The impact on GDP is 3 percentage points more than estimated in the 2024 FRS. #OBRfiscalrisks

By the early 2070s, climate-related damage could increase primary borrowing by 2% of GDP annually, 0.7 percentage points more than our previous estimate. The accumulated impact, including debt interest, could raise public debt by 56% of GDP. #OBRfiscalrisks

The overall fiscal impact of climate change is uncertain and depends on temperature paths, economic damage and who bears transition costs. Our scenarios estimate that the impact of climate change on debt in 50 years’ time could range from 40% to 140% of GDP. #OBRfiscalrisks

Our central estimate puts the fiscal cost of the transition to net zero by 2050 at 21% of GDP. Two-thirds stems from lost fuel duty and other receipts as electric vehicles replace petrol cars. We also assume government funds 36% of total net zero transition investment