Should the government worry about debt?

The Briefing Room · Aug 7, 2025 · 28m

In a time of sluggish economic growth, the favourite way of squaring the circle of spending more but not increasing taxes is to borrow - and we have.

Keeping everybody’s lights on during the pandemic and homes heated after the Russian invasion of Ukraine has helped send our national debt up from £1.8 trillion to £2.8 trillion in recent years.

But the question for the chancellor Rachel Reeves is how much more debt we can afford - and how much more debt do the markets think we can afford?

So what’s the answer to that?

Guests:

Duncan Weldon, economist and author of 'Two Hundred Years of Muddling…