in the latest financial year, higher than in any peacetime year on record and comparable to the wartime borrowing of 1914-18 or 1939-45. The stock of government debt has risen from around 80% ofbefore covid-19 to 100%. The pandemic is the second fiscal shock in little over a decade, after the global financial crisis of 2007-09.
The fiscal crisis of the 1920s and 1930s cast a long shadow, leading things to take a different course during the second world war. John Maynard Keynes outlined his plans for a “three per cent war”. The “business-as-usual” approach that had characterised the early years of the first world war was entirely absent in the second. Monetary policy was made subservient to debt management and the purpose of the Bank of England became to help finance war.
Only in the late 1970s and 1980s, as concerns about inflation intensified, did British monetary policy downplay the importance of debt management in setting interest rates. By the late 1990s a new framework was in place. Monetary policy, set by an independent central bank, would target inflation and stabilise the economy. Debt management would be handled by theThose low-debt days now seem like a distant memory, however.
Lobb's in St. James's?
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