National debt could hit 300% of GDP by 2070s after 'rapid succession of shocks'
Weaker demand in reaction to rising interest rates is what Bank policymakers are looking for before they can halt the tightening cycle that has resulted in 13 consecutive increases in Bank rate to date.
"In just three years, they have been hit by the COVID pandemic in early 2020, the energy and cost-of-living crisis from mid-2021, and the sudden interest rate rises in 2022, whose consequences continue to unfold. Chancellor Jeremy Hunt responded:"In common with many advanced economies, the UK's level of debt remains elevated following recent global shocks, including the pandemic and energy prices.
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