It is hard to escape the conclusion that the world is becoming a riskier place. The past two decades have seen a global financial crisis, a global health crisis, and a global energy crisis triggered by Russia’s invasion of Ukraine. These global shocks add to ageing and other domestic cost pressures to place public debt on an unsustainable path and projected to surpass 250 per cent of GDP over the long term. This all adds up to a challenging outlook for this and future governments as they steer the UK economy and public finances in the years ahead.