Public 'unaware of financial crisis facing them'

The British people are unaware of the financial crisis facing them as a result of the UK's national debt, a Conservative former minister has told Parliament.

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Lord Forsyth of Drumlean argued the UK is "paying the price" of quantitative easing and it has played a part in the country's current "vulnerable" position.

Fellow Conservative peer Lord Tugendhat claimed the raising of taxes is inevitable and urged the Government to "grasp the nettle" to avoid increasing debt levels.

Meanwhile, former governor of the Bank of England Lord King of Lothbury criticised Chancellor Rachel Reeves' fiscal rules, describing them as "Augustinian".