Global debt has climbed at an "eye-watering" pace over the past decade, soaring to a fresh high of £170 trillion last year, according to the Institute of International Finance (IIF).

The IIF said total debt levels, including household, government and corporate debt, climbed by more than $70 trillion over the last 10 years to a record high of $215 trillion (£173 trillion) in 2016 - or the equivalent of 325pc of global gross domestic product (GDP).

It said emerging markets posed "a growing source of concern" to financial stability and the global economy as debt burdens in these countries climb at a rapid pace.