Painful belt-tightening is needed to get a grip on UK debt, with the economy facing ‘very, very substantial challenges’, Andy Burnham has been warned.
The governor of the Bank of England made the comments after turmoil on bond markets this week saw UK borrowing costs pushed to a 28-year high.
Andrew Bailey, speaking at the London School of Economics, said: ‘There are very, very substantial challenges at the moment, structural challenges.’
These included ageing populations and the need for higher defence spending.
It came as the Prime Minister was warned unless Britain starts to tackle its £2.9trillion debt pile now, it risks saddling the growing
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