BoE’s chief economist does not see UK households and businesses piling on debt

“In general, we don’t see at the moment either households or businesses layering on debt with a trowel because people are still scarred by the crisis experience,” Mr Haldane told BBC radio.

Asked how a US Federal Reserve interest rate hike would affect the BoE’s thinking, Haldane said monetary policy in other countries mattered hugely to the BoE, but moves abroad do not prompt automatic policy responses in Britain.

He added that it would be “extraordinary” if regulators thought their job was done on financial regulation, even after widespread reforms brought in over the last few years since the financial crisis.