UK debt warning
Interest payments on Britain’s £2.2trillion national debt pile could rise to a post-war high if inflation surges out of control, a major international banking body has warned.
The Government could end up forking out around £100bn every year on servicing its debt, the Bank for International Settlements (BIS) indicated in its annual economic report, if interest rates were increased to ‘levels in the mid-1990s’ to combat rising inflation.
Currently, the UK is spending around £45billion a year on interest, after borrowing spiralled last year to cover the costs of the pandemic.
Despite this the sector faces a £92million business rates bill in July, and will be asked to contribute to the cost of furloughing staff.
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