UK and US warned to take action on spiralling debt costs by IMF

The world's advanced economies including the UK and US need to cut borrowing and reduce debt levels following weeks of spiralling government interest costs, the head of the International Monetary Fund (IMF) has warned.

In an exclusive interview, Kristalina Georgieva said global economic shocks had been "pushing debt levels up like a staircase not to heaven" but that governments had taken "no action to contain that service cost".

"[It's] time to take that action," she said, adding that "courage" was…