UK Debt Hangover Ties Next Government’s Hands, Whoever Wins

Whichever political party wins the UK general election on July 4, a massive debt hangover is in store, severely limiting what the poll-leading Labour Party or governing Conservatives can do in office.

The fiscal straight-jacket is a product of four years of crisis spending — first to rescue jobs and businesses during the Covid outbreak, and then to help families cope with the cost-of-living shock after Russia’s invasion of Ukraine. While Rishi Sunak was the author of the free-spending response — as chancellor during the pandemic and later as prime minister — it’s a problem for Labour, too, because they backed him all the way.

The resulting bind is clear: Britain’s crumbling public services desperately need money, but taxes are at a postwar high, the national debt is at levels last seen in the early 1960s and servicing it in a world of high interest rates is costing £60 billion ($76 billion) extra a year – a sum equivalent to the entire defense budget, without a bullet to show for it.

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[BryanJohnson-qbse]

Pull yourself up by the bootstraps, mate

[shaunbufford]

Wow, even when it comes to national debt the US still wins 😂😂😭 oh boy we are screwed