BIS warning over UK’s debt levels

High debt can be a major drag on growth, the Bank of International Settlements (BIS) has warned, drawing attention to the UK’s perilous levels of borrowing. Debt-to-GDP ratios “will explode in all but a few countries” in the next 30 years, it states. “Debt quickly rises to more than 100 per cent of GDP, with negative consequences for growth. In a number of countries – Japan, the UK and the US – the projections rise much further.”