LONDON — The British government would fail spectacularly if its finances were subjected to the same sort of stress tests carried out by the Bank of England on the UK’s lenders, a scathing report from the independent Office for Budgetary Responsibility released on Thursday shows. Every year, the Bank of England tests how resilient banks would be in the event of a global economic catastrophe. The process, known as stress testing, sees how much the UK’s biggest banks would lose under different scenarios, and whether they have enough capital to survive those losses. The OBR — which is tasked with scrutinising the Treasury — ran the government’s finances through a similar test to see how they would stand up, mimicking the Bank of England’s parameters. The results are troubling, to say the least. The OBR’s scenario included “a deep recession, with asset prices and the pound falling sharply and lasting effects on potential output,” as well as rocketing domestic inflation, which in the hypothetical scenario forces the Bank of England to raise interest rates. “The Government’s fiscal targets would be missed by wide margins,” the OBR notes in the report, saying that the deficit could balloon to 8.1% of GDP in the next five years, with the UK’s overall debt burden growing to around 114% of GDP, up from around 90% now.