England is at something like 22% poverty rate, and is being forced to cut social spending regardless. It'll get worse before it gets any better. Austerity is a dirty word, but if you spend money you don't have forever eventually you're spending all your money taking care of bankers instead of children.

If you spend money you don't have, you typically do so by creating bonds which are then purchased by banks. Just like a credit card, the banks don't take those for free, they lend money in exchange for being paid back more than was borrowed. Moreover, national governments don't just borrow money then pay it back, they borrow money, then borrow money to pay back the money borrowed. When rates are low, countries can borrow for fairly low amounts of money but just like when you rack up a credit card more and more the minimum payment grows and grows until you can't even pay that. If you also have a situation where interest rates rise, then suddenly your minimum payment is rising even faster than you rack up new debts. The interest on bonds is just money being handed to the banks, and it's tax money that cannot be spent on anything else. In 2024, Fitch projects that number will rise to 176 billion gbp, up 60-odd billion, and it'll continue to rise from there. It already makes up more money than the day to day operation cost of the NHS which was 171 billion in 2022/2023 (compares to a total budget including long term capital of 181 billion).

Some people think you can print your way out of such a situation, but ask a briton how they like the high inflation of the past while, whether it makes them feel richer or poorer. Print your way out of a debt crisis, and you print your way into a currency crisis, making your situation more difficult, as we've seen in many south American economies.

Some people say the state isn't like people when it comes to debt, and they're right -- it's far worse. If I foolishly rack up debt, it dies with me, but if my government foolishly racks up debt, the obligation passes to my children whether they benefited or not. This is why I call getting into perpetual debt selling your kids into slavery. You get money today at the cost of their future.