Borrowing costs in Britain are projected to nearly triple to 6.25 per cent by May, after the Bank of England’s chief economist warned that the government’s new debt-laden economic plan required a “significant monetary response”.
Huw Pill’s intervention came as Kwasi Kwarteng, chancellor, prepared to reassure markets that he would control debt in a new medium-term fiscal plan, with ministers hoping to pledge that debt will fall within five years.
The new plan, to be published in November, implies tight public spending controls continuing into the second half of this decade, as the chancellor tries to restore order to the public finances after announcing £45bn of debt-funded tax cuts.
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