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Britain’s net public debt has climbed from 35% of GDP in 2005 to 95% today. The government is borrowing over 4% of GDP annually despite no emergency comparable to the financial crisis or pandemic that drove much of the earlier increase. The belt-tightening needed to stabilize debt levels amounts to about 2% of GDP. The Labour government holds a 157-seat majority in Parliament and has four years until the next election.
Britain spends about 6% of GDP supporting pensioners, an…
