A former Bank of England governor has urged Rachel Reeves to tackle Britain’s staggering debt pile.
King, who led the Bank of England from 2003 to 2013, told the House of Lords yesterday: ‘We owe it to our grandchildren to take seriously the challenge of reducing the national debt.’
He criticised Reeves’s ‘flawed’ fiscal rules, which allow debt to keep rising as a share of GDP for the time being with the aim that it will start coming down after a few years.
Warning: Mervyn King was boss of the Bank of England from 2003 to 2013
King, 77, made his comments during a Lords debate after official figures this week showed Britain’s debt pile stands at £2.8 trillion, or £95,300 per household.
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