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From where it is. you have to grow the economy and then you have to deal with the longer term debt picture, which is nearly 100% of the economy now, before you get on with the other priorities like the nhs waiting lists and the small boats. there are lots of things to do. but it's not just _ there are lots of things to do. but it's notjust liz truss there are lots of things to do. but it's not just liz truss and jake it's notjust liz truss and jake berry in the studio, but even the imf, the international monetary fund, has pointed to the high tax burden in this country as being one of the prob...

But the high level of debt means that it makes the debt picture very sensitive to the relation between economic growth and interest rates. so, if interest rates go up, it makes the debt picture worse. if the growth picture is disappointed, it makes the outlook worse. so a decade ago in the uk under 0sborne, the uk adopted the wrong approach. then, with the economy weak, the treasury said the public finances are in bad shape, therefore you need austerity. i was critical of austerity at the time, as indeed was borisjohnson, shall we say. in the last couple of years, the approach has been in econ...

So the point is that it's not a unique problem for the uk, but the high level of debt means that it makes the debt picture very sensitive to the relation between economic growth and interest rates. so, if interest rates go up, it makes the debt picture worse. if the growth picture is disappointed, it makes the outlook worse. so a decade ago in the uk under osborne, the uk adopted the wrong approach. then, with the economy weak, the treasury said the public finances are in bad shape, therefore you need austerity. i was critical of austerity at the time, as indeed was borisjohnson, shall we say....

Zero. you put those things together, you will have selloffs and you will think maybe next year we'll have maybe not a recession but the economy will slow down. and i will say this. when economies slow down, people get scared. >> look at the markets. we can have anxiety looking at the markets drop. when we talk about this issue of debt, that's a big topic of conversation. it will be a topic as well when congress comes back in session. the fed is putting a ton of money. we have balance sheets we have never seen like this before. can we get through that without a little pain? >> let's talk about ...