Simon Clarke, the equalization secretary, said he believed current debt levels were “absolutely sustainable” as he said the government “cannot fail to meet the magnitude of the moment” as energy prices continue to rise. He told Sky News: “Well, if you look at the most recent round of UK debt issuance, which was well covered, there was a lot more demand for our debt than was needed to cover the last auction. “We pay about 3% on our debt. This is a perfectly sustainable level. The UK is obviously a very stable, very strong economy, subject to a very clear regulatory system and the rule of law. We are a safe bet and a safe haven as we always are, frankly, in situations like this. “The Government is clear that a fiscally responsible approach is at the heart of our plans. “But we cannot fail to respond to the magnitude of the moment. Liz Truss has been clear that as Prime Minister her first priority this week is to provide that certainty and I think that’s something that, although it’s difficult, it’s bold, it’s brave, we have to do because the country can.” . Really don’t think about anything else until we do this.”
