Is the UK government bankrupt?

UK government borrowing costs spiked on Thursday with a panic in the bond markets, and the pound fell. Are we facing a new Liz Truss moment? Gary filmed an emergency video to address what's going on.

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Performed by Gary Stevenson
@garyseconomics

[BeardedWebb]

I think ive learned more about government finance in this video than ive picked up in a lifetime of mainstream news.

[darrentaylordigital]

This is an absolutely brilliant breakdown of the situation. Videos like this cut through all spin and BS of the press!

[mattsergeant]

Blown away, sincerity, honesty, humanity. Gary, please take care of yourself, this channel is so important.

[BikeFromTheBrink]

Selling off resources started with privatisation and selling council houses without replacing them.
It's a spiral of failure over 40 years.

[crayontom]

If you want to know what’s going on with our economy, you don’t rely on the mainstream media, you go straight to Gary. Thanks Gary!

[mbs]

Best economic explanation I've heard in decades. Thank you.

[Shino]

That statement hits home, you need to protect your resources. The resources of this country are the people who keep this country going day in and day out. The cost if living for the average person has been stolen and we the resources are at the mercy of the super rich who have found ways to hit us in the pockets. The government need their resources back and that will only happen when they make UK liveable for the people at the expense of the rich. I believe only then will see truth growth in the UK.

[chillycheeks]

For me, you have explained a complex issue extremely clearly. I actually understood it!! Thanks. Appreciated.

[indiannajames]

This is the sort of information and clarity I would like to get from an unbiased and informed journalist or news media, and I never have. Really appreciate this clarity, thankyou!

[jonathanhdg]

Hi Gary, I never comment on YouTube videos but it's amazing to see that you're back! Thanks for proper economic education that is desperately needed right now, wish you all the best on this journey.

[diosamurcielaga]

Heya, an old regular viewer here from Mexico.
What you explain today, this happened in my lifetime in my country twice (or 3 times, we discuss still when was the end of one crisis) and we became tied to such a huge debt that no mater how much we increased productivity (with terrible working conditions for the people, people loosing their homes, loans they ended up paying 3 or 4-fold, privatization of from around 500 state companies to having a hand full that over time were left to become shambles (including our national petrol company), massive migration and entry of remittances, exporting everything we possibly can, etc...) we are still just paying the interest on the debt, have not scratched the debt from the 80s and 90s at all. It forced our society to such extreme pain we ended up with at the time the richest man in the world and a country with over 60% poverty and of that 30% in misery (the ultra-poor)... It is baffling to me that 2 decades later, some of rich countries got into the same bondage structure, little by little, it's as if they are not realizing what they have been doing, or, it is on purpose.

I really enjoy your channel! Take care

[oiToxic]

Slowly doing all I can from NZ by sharing & bringing eyes onto Garys Economics. Very intelligent man who sounds like your neighbour who needs to been heard.

[kcobainrv]

People of the UK are really lucky to have you Gary. I mean it. I hope you reach your goals and show others that we do not have to put up with broken system any longer

[abc-zzzf]

Finally the channel is growing at a reasonable rate. Continue the good work Gary - people will follow you.

[WandaKeenan]

Thank you Gary. I had no clue this was happening. I'm a working class woman from Leytonstone and i've made myself middle class. I've noticed that many of my middle class peers are being made redundant and not finding work. I appreciate your clear message. I'm still surprised you're not known by everyone everywhere. I share your videos and mention your name on LBC. Keep going. You're doing a fantastic job.

[lucianorivas]

Here from Argentina! I'm so glad I found this channel, straight to the point with real life experience. Keep it up!

[Robbo]

Another great but sobering video, we are in total support, keep pushing the message. Thanks Gary

[harryward-gray]

This was the clearest, most relevant and convincing video I've seen from Gary yet.

[ivanlepak]

This is the most informative and educational of your videos (to me) so far. It pulled a lot of individual strands that I thought I understood and showed how they relate to each other. I am a wiser man this morning. Thank you and God help UK.

[davidmccabe]

I have watched this video three times, fascinating. I am a 86 year old retired professional director for over 50 companies and watch the UK flounder financially compared with Ireland. It seems to me that the UK has to change its corporate tax policies from mere fund raising to balance the books to incentives driven tax policies to encourage investment, and manufacturing especially exports. Profits from exports being taxed at lower rates than services and home market sales. This is what we have done for 60 years here in ireland with remarkable success. David McCabe Dublin January 2025