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Ruth Curtice Three myths about UK borrowing and growth
The Observer
|May 10, 2026
First myth: that the cause of our growth woes is an overbearing, miserly finance ministry.
Borrowing too little has just not ranked among Britain's recent weaknesses. Debt has doubled since the financial crisis. We now pay more to borrow than any other G7 economy. Consequently, debt interest consumes more spending than any public service bar the NHS.
Painful as austerity was, the British state was about the same size before the pandemic as it was before the financial crisis; today it's about 4% of GDP bigger than that. Lack of investment has been a problem, but we have spent and borrowed plenty.
Diese Geschichte stammt aus der May 10, 2026-Ausgabe von The Observer.
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