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Consoling ourselves with Churchill’s debt fix

Never is so much owed by so many as after wars. And pandemics.Governments’ debt burdens have soared over the course of the past two years. By the end of the second quarter of this year, they collectively owed a whopping tn, compared with tn at the end of 2019, according to the Institute for International Finance’s latest Debt Monitor.Most of that additional borrowing has been done by richer countries, taking their total debt-to-GDP ratios to north of 130 per cent — from 110 per cent pre-Covid. Regular readers may be aware that we’re not especially concerned about the size of that burden. But we’ve been interested in looking at whether policies offered in the past can provide some guidance on how to manage the fresh liabilities. With that in mind, an idea presented in a new

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Never is so much owed by so many as after wars. And pandemics.

Governments’ debt...

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