Britain is facing high debt and this has become a headache for political leaders and economists. The country has been strict policy to reduce government expenses and keep things under control.

"In my view, we are maybe two thirds to three quarters of the way through in each case, varying both across and within sectors."

Above are the statements released by Mr. Paul Fisher, BoE Executive Director for Markets when he made his speech to business leaders in Cardiff.

He clearly mentioned in his statements about the need of getting the debt levels under control. He said that though Britain has covered almost three quarters of the way through working off the high levels of debt, the national growth would remain weak until bigger achievements are made.

UK has been efficiently trying with its efforts since the beginning of the financial crisis but both public as well as private sectors won't experience stronger national growth until debt levels are all controlled, said the senior Bank of England (BoE) policymaker.

Mr. Fisher is among the nine members of the BoE, who are responsible for setting interest rates. He said that the present behavior of the economy and the knowledge upon the progress of the banks has led him to make the above assessments.

According to the official reports, Britain's economy has grown only 0.3 percent in the first quarter of 2013 after standing stagnated for two continuous years.