The cost of servicing the government’s debt mountain will surpass £500bn over the next five years, due to high inflation and steep interest rates. Interest rate payments on that debt will rise to their highest level as a proportion of economic output since the late 1940s. This year alone, the interest rate bill for an individual household was already £4,000. That has also led to concerns that public spending, including for education and health services, will need to be squeezed in order to balance the books. – The Financial Mail on Sunday

The world economy risks falling into a permanent and difficult to escape from high-inflation trap as workers and businesses chase rising prices, the Bank of International Settlements warned. In its annual report on the global economy, BIS therefore warned of the danger that interest rates will need to remain elevated until 2027 is now greater. According to the so-called ‘central bank of central banks’, the longer that inflation remained, the greater the risk of it becoming entrenched, of an inflationary psychology setting in and the larger the costs of bringing it down. The head of the BIS also said that returning to fiscal sustainability would help fight against inflation. – The Sunday Times

Motorists are complaining about the latest headache from the cost-of-living crisis, increases of as much as 70% when car insurance policies come up for renewal. According to the latest figures from the Office for National Statistics, car insurance costs had surged by 43.1% over the past 12 months. Customers of Direct Line and Saga, in particular, were shocked by the magnitude of the increase. Quarterly figures from industry group the Association of British Insurers had yet to reflect such increases. – Guardian

Marks & Spencer has joined up with Interactive Investor to investors who do not hold shares in their own name an opportunity to vote at the annual general meetings. The initiative is a part of M&S’s ‘Share Your Voice’ campaign, which is backed by The Mail on Sunday. The idea of the retailer’s chairman, Archie Norman, is to strengthen the linked between companies and small shareholders who invest through so-called nominee accounts on platforms such as Interactive’s. – The Financial Mail on Sunday