UK debt must be steered off unsustainable course, warns Lords committee

Peers said they were raising a big red flag' and tough choices will be needed

The pressing risk of the national debt becoming unsustainable will force Britain into the unenviable choice of paying higher taxes or the state doing less, a House of Lords committee has warned.

A report by peers said tough decisions and a new set of rules for the public finances were needed in order to put debt - currently just under 100% of annual national income - on a decisive downward path.