Think tank: UK faces a $440 billions annual public finance shortfall, posing a challenge for the new Prime Minister

Glonghui, July 16 — According to estimates from a think tank, due to sluggish economic growth, an aging population, and poor health conditions, the UK's public finances are short by around £330 billion ($442 billion) each year, highlighting the severe challenges the next Prime Minister will face. The left-leaning think tank Resolution Foundation stated that Andy Burnham, the former Mayor of Greater Manchester who will succeed Starmer at Downing Street on Monday, will need to devise a new fiscal strategy to prevent further pain caused by increased borrowing, reduced public spending, and higher taxes. The foundation noted that about two-thirds of the £330 billion shortfall stems from the slowdown in per capita economic growth since 2007.