Business EconomyPosted at: Jul 11 2025 5:41PM


Climate change is a grave economic threat: OBR Report

New Delhi, July 11 (UNI) The Office for Budget Responsibility (OBR) United Kingdom pointed to the risks posed by the climate change trends on future fiscal outcomes in the UK.
Sarah Breeden (Deputy Governor for Financial Stability, Bank of England) who is associated with overseeing financial stability pointed out the challenges posed by Climate Change in the UK's economy.
Sarah highlighted that the risks posed by climate change previously seemed hypothetical are now in front of us. She pointed out the impact of turbulent climate change trends on the UK's future macroeconomic prospects.
OBR also highlighted three significant developments: mitigation, adaptation and damage that are hampering the UK’s economy. The official institution also pointed out that climate change is posing major challenges to UK’s Gross Domestic Product (GDP) growth more severely than before.
Ita McMohan ( Head of Stewardship, Castlefield) said “The OBR report provides multiple credible sources of research that allow us to take prior action on Climate Change.” McMohan also stressed that the high costs associated with the climate change damages are higher than the investment mitigation measures taken out.
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