BOE’s Bailey Says Big Decisions Needed to Stop Public Debt Surge
- Central bank governor points to ‘big structural headwinds’
- Fiscal watchdog warned of government debt tripling in 50 years
Andrew Bailey
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Bank of England Governor Andrew Bailey said that “very big decisions” will be needed to stop Britain’s public debt pile spiraling higher, as he gave his backing to the government’s efforts to boost growth.
Bailey told lawmakers on Wednesday that climate change, an aging population and an end to the “post-Cold War dividend” on defense spending are “very big structural headwinds” facing the already-stretched public finances.