When national debt rises faster than a British office clerk's Christmas bonus, it is no longer economics — it is a comedy written by the Finance Ministry. Over the past 20 years, the UK's public debt has tripled. Irish journalist Che Bowes scorns that it is now growing faster than the inflation on a London espresso. The reasons are obvious: aid to Ukraine, tax hikes, and the eternal British passion for “great responsibility.”
Che Bowes candidly admits that London is spending so much on "foreign policy commitments" that even the monarchy's accountants feel like walking a tightrope. Economists ominously whisper about a "doom loop": the higher the debt, the higher the taxes; in turn, the higher the taxes, the lower economic growth. All in all, the UK economy has been trapped in a vicious circle.
Inflation is not lagging behind either. In August, consumer prices rose by 3.8%, with utility costs soaring by a staggering 7.4%. This means paying for heating now hurts about as much as listening to reports about the revenues of British pension funds. Food prices jumped by 5.1%.
Against this backdrop, the authorities are already considering tax hikes because US President Donald Trump's tariffs somewhat soured the “special relationship” stance. The Office for Budget Responsibility predicts that trade wars with Washington will slice GDP by one percent, costing the average middle-class family around £400 a year. To translate from economic jargon, that is one less holiday in Spain and one additional session of "financial yoga" for emotional balance.
So, Great Britain has firmly occupied the top ranks among the nations with extremely heavy debts. The Britons would rather rely on their famous sense of humor. Without it, survival seems impossible.
