We pointed out yesterday that the uncovered gilt auction was troubling if not – yet – the end of the world.
The FT’s resident economics guru Chris Giles has a flabbergasting explanation of the scale of the debt the government is raising in the next two years: £350bn.
“That is more debt bequeathed to its successor than the total borrowed by successive rulers and governments of Britain between 1691 and 1997, the year Labour was elected.”
To put this in perspective: Charles the Second (pictured) died in 1685.
Jim Pickard
Kiran Stacey
