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Treasury sources point out they have already tweaked their fiscal rules - changing the definition of public debt- without provoking the ire of the OBR.

As Hoover Institution economist John H. Cochrane has pointed out, when the Fed raises interest rates to combat inflation, it also raises these interest costs on the public debt.

Another is Spain's vast public debt, which is higher than the country's annual economic output.

It has previously warned that public debt could soar as the population ages and tax income falls.

Steep public debt and unemployment have also affected savings and spending.