Bank of England warns Britain faces debt spiral risk

Bank of England Governor Andrew Bailey warned Britain faces a "vicious circle" of rising debt costs if it fails to control its finances. Higher borrowing costs on the UK's nearly £3 trillion debt could undermine confidence and further increase expenses, straining government plans. Britain's interest rates have risen more than any other G7 nation since the Iran war began. The Bank of England governor stated that while a debt limit exists, sticking to current fiscal plans could prevent a spiral, despite global economic changes.