PwC predicts Britain's total debt will reach £10trn in 2015, warning of decades of poor growth as interest rates rise and the GDP to debt ratio falls to historic lows.
If the economy does not grow as expected, the firm warns, the national debt could reach 5.8 times more than GDP. Private sector debt is the greatest problem according to PwC, the Telegraph reports. In 2009, government debt was less than a sixth of the size of private sector debt, and with interest rates set to rise, the burden will increase, the accountancy firm says. PwC predicts interest rates on mortgages could be higher than before the recession the increased cost of more regulation is passed from lenders to home owners. Read more here Rok scrabbles for buyer as administr...
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