World government debt

So far Burnham has committed to not borrowing more, unless that changes or there is an economic event we are not expecting. All will be revealed in the budget statement.

This from the Telegraph two hours ago.
So we shall see.

Bond markets give Burnham a painful reality check

The Telegraph
www.telegraph.co.uk › business › 2026/09/01
2 hours ago — Burnham said he will not ditch the rules, but he will seek to use “flexibility” within them. This is expected to mean more borrowing

I see no signs of a financial disaster at the moment. high interest rates are not synonymous with financial collapse.

But Burnham is showing worrying signs of being a one trick pony. His eloquence and 'charm' have got him the job, but now he has it, he doesn't know how to do it.

Government 'debt' isn't as much of a problem as private debt; it was private debt which eventually triggered the 1929 US stock market crash, which had worldwide repercussions.

Government debt is only a serious problem for countries which borrow in a foreign currency instead of their own sovereign currency because they have to service the debt in the borrowed currency and cannot afford to provide effective public services and credit.