There is no risk that interest rates on UK government debt will reach crippling levels. Interest rates are policy variables. Paying interest is a political choice. Betteridge’s law of headlines applies.
The Asset Purchase Facility has landed HM Treasury with a ~£90 billion bill over the next two year. This paper lays out an approach that requires no further vote funding from Parliament, no additional debt interest payments, and restores “postive cash flow” from the APF for the remainder of this Parliament.
How the central bank setting interest rates above zero forces banks to pay interest on deposits