Britain is at a population “turning point” as deaths will outnumber births for the first time this year, according to projections by the Office for National Statistics.

That trend is expected to continue into the future, the agency found, although small annual population increases will still occur up to 2034 due to net inward migration.

The present population predictions, however, are much lower than they were two years ago, reflecting the recent sharp fall in net migration, as well as lower fertility rates expected in the future.

Charlie McCurdy, a senior economist at the Resolution Foundation, said the latest projections put Britain at a “demographic turning point”.

“This slower population growth will also reduce the size of the workforce and consequently lower tax receipts, adding up to £3 billion a year to borrowing by 2030.”