After the second ‘once in a century’ shock in just two decades, our third Fiscal risks report focuses on three large, and potentially catastrophic, sources of fiscal risks. The pandemic could leave £10 billion per year in spending pressures and long-term economic scars. While unmitigated climate change would spell disaster, the net fiscal costs of moving to net zero emissions by 2050 could be comparatively modest. While interest rates touched historical lows during the pandemic, the public finances are increasingly exposed to future rate rises due to a higher debt stock and a shortening of its effective maturity.