BBCNEWS HARDtalk June 4, 2024 00:38:00
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....
Source: archive.org