Magazine
Latest Issue

A world awash with debt: can governments learn to rule while drowning in the red?

The pandemic has landed treasuries everywhere with whacking great overdrafts—in the UK alone the figure is £2 trillion. Debt denialism is dangerous, but panicked prudence is self-defeating. There’s no easy escape

Left Out: the Inside Story of Labour Under Corbyn by Gabriel Pogrund and Patrick Maguire (Vintage, £18.99)

Covid-19 changes everything, or so it is said. It is certainly true of public finances, which have been drastically changed and not for the better. The United States entered the Covid crisis with federal government debt held by the public of 80 per cent of GDP, already twice what it was in 2008 before the financial crisis blew a hole in the books. This debt will now approach 100 per cent of GDP by the end of 2020, according to the country’s bipartisan fiscal watchdog,…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect