MPC member warns the government to get its finances in order as public debt spirals.
The government must reign in its spending, according to Bank of England deputy governor Charles Bean. Speaking to the Western Mail this week, Bean warned: “As the economy starts to recover it will be necessary to put the public finances on a more sustainable footing”.
According to the Office of National Statistics, the Treasury borrowed around £13bn last month – the largest amount for that month since records began.
The government’s debt is eating into funds that could be spent on public services such as schools, hospitals and police, according to the National Institute of Economic and Social Research (NIESR), which recently announced th...