Official figures out this morning report that last month, the UK government borrowed £24.5 billion.
But the fineprint shows that almost £11 billion of that extra borrowing went on debt interest payments.
That's more than £400 per household on debt service costs, in September alone.
So far during this financial year, from April to September, the government's debt interest payments amount to £61 billion.
Now, this number will barely feature in UK newspapers and across our airwaves. It may be mentioned in passing in out-of-the-way business sections, or on the odd business bulletin.
But this huge debt interest bill won't register with the vast majority of our political and media class, or impact the national debate.
Let me explain why that's so wrong and so dangerous ...
£61 billion is a massive amount of money.
It's equivalent to the UK's entire annual defence budget – the money we're paying, increasingly to foreign creditors, simply to service our national debt for six months, not to pay any of it back.
£61 billion is equivalent to the money you'd raise over a year from adding a whopping 7 pence to the basic rate of income tax.
For £61 billion, you could build around 40 large, state-of-the-art hospitals, or employ more than 100 thousand extra nurses for ten years.
£61 billion would pay for free-at-the-point of use social care for everyone who needs it in the UK, for an entire year – three times over.
Again, this is the debt interest bill on Britain's spiralling national debt – now more than 3 trillion pounds – over the last six months alone.
The UK's public finances are close to meltdown – yet so many MPs and journalists continue blithely to view ever more public spending and borrowing as the answer to every problem.
Those who highlight the dangers post by our hugely precarious national accounts are dismissed as cranks, ideologues or worse.
But basic arithmetic has no ideology.
And there is nothing "progressive" or "kind" or "right-on" about driving the UK ever closer to the fiscal cliff edge, provoking a crisis that will make the "austerity" years of the 2010s feel like a picnic, a crisis in which poorer households will suffer the most.
Yes, Britain's national debt is lower than that of France. But because our borrowing has been rising so sharply, and because we're so prone to inflation, our debt service costs are much higher.
The UK is spending a disgraceful 3.6pc of GDP on public debt interest, while France spends less than 2.5pc.
Endless airtime and column inches are devoted to spurious conversations about a billion or two of additional "fiscal headroom" we may or may not have in three years' time.
And, of course, any "extra headroom" is immediately pledged in new spending – which means yet more borrowing.
These conversations are a waste of time – and, in fact, are deeply counterproductive. Three-year fiscal forecasts, even one- and two-year forecasts, routinely turn out to be askew by tens of billions of pounds.
I'm not saying we don't need fiscal rules - we do, but we need more immediate rules, which actually bite, acting as a meaningful constraint on out-of-control borrowing and spending.
Instead, political and media sages present the nation with spuriously precise discussions about fictional fiscal outcomes way into the future – using rules which are deliberately designed to kick arithmetic realities into the long grass ....
An increasingly expensive, over-bearing, out of control state is not the answer to Britain problems.
But unless we change course, it will certainly be our downfall.
Please like/share if you think what I'm saying is important – and if fiscal realities should feature more prominently in our national debate.
And for more sharp, plain-speaking economic analysis subscribe to:
"When The Facts Change - economic and politics in a fast-moving world, with Liam Halligan"
🚨 PANIC IN DOWNING STREET AS ANDY BURNHAM FORCED TO OPEN SECRET UAE FILES!
Days after I exposed Burnham acting as an unpaid defense lawyer for Man City, the Prime Minister has officially hit the panic button haha.
Faced with overwhelming public backlash, Burnham has surrendered and announced he will publish his private meeting logs with the club billionaire Emirati owners.
He rushed onto a podcast desperately trying to get ahead of the scandal, claiming he only had one significant meeting back in 2021 and that his mind was on other things when he defended the club on national television.
What an insulting, pathetic excuse from the man supposedly leading Great Britain.
Burnham conveniently failed to mention that he personally chaired the authority meetings that handed 55 million pounds in taxpayer loans to Jersey property companies owned by Sheikh Mansour.
He wants the public to believe football rules and foreign investments are totally separate, yet his local administration used public money to buy up land specifically for Abu Dhabi developers.
The Prime Minister is only agreeing to publish these records because he was caught red handed using his political office to shield foreign oligarchs while taxing British workers into the dirt.
I want every single unredacted diary entry, text message, and private meeting note released to the British public immediately without Whitehall censorship.
Retweet this right now to demand total transparency before Downing Street scrubs the files. 🇬🇧🔥
@bookingcom what a joke. You've sent me a customer satisfaction email survey in the names of the people who made the fraudulent booking on my account. Unbelievable 😂😂
So many politicians on the left think the British Public want to rejoin the EU ....
So let's put it to a vote...
Share this poll far and wide I dont want an echo chamber..
Like ✅️
Repost ✅️
Follow ✅️
#Brexit 🇬🇧 #Rejoin 🇪🇺
@bookingcom is there any chance of at least an update or even an acknowledgement on the fraudulent booking made on my account that was first reported to you 4 weeks ago today ? I've messaged 3 times via the app, once via X and once via IG, and you've not replied to me once !
The government just said they serve the majority of people in Britain.
Let’s see if that’s true:
Do you support the blockade at Portsmouth?
(Please retweet for wider audience)
🚨MISSING - please help find 14 year old Beau.
Last seen Tuesday 1st September at around 6.30pm in The Furrows, Crawley Down.
5’5” with shoulder-length light brown and blonde hair. She was wearing a black Juicy Couture jacket, black chequered trousers and tan UGG boots.
She has links to Horsham, East Grinstead and Tunbridge Wells.
If you have seen her or know anything, call 101 now and quote serial 1515.
You can also DM me - she is my friend’s daughter.
Please share this.
From @Shawsy1993 on Facebook all UK residents please share
Has anyone seen my daughter Chloe Jennison missing since last night SUNDAY 30th AUG can’t get in touch with her phones off and no one can contact her police informed, last seen Hull City Centre, Chloe if you can see this please get in touch xxx Sadie-Leigh Jennison Ann Sutton
Police Ref number - HP20260831-0390
🚨 Missing!!!! Attended Notting Hill Carnival but haven’t come home last known location was Sheperds bush London
Please share this as much as you can the family just need to know the 2 girls are safe, family are in London looking for them.
Police will not help the family.
Was really looking forward to lunch today at The Golden Lion in Brixham with family. I’d heard lots of good things about it, so I was quite excited.
We’d booked a table for eight set for today over a week ago. There were young children in the party so you’re relieved when you have a place booked.
Then, last minute, they CANCELLED us.
Apparently we hadn’t followed a procedure sent by text. A text that never arrived.
The booking was made by phone an over a week earlier. Nobody mentioned that process then.
The day before they suddenly wanted bank details not over the phone, only via text instructions that we never received.
We said, politely, that cancelling an eight-person family booking at the last minute with kids involved was unprofessional and not good customer service as well as not being fair.
What we got on the phone was not an apology. It was a barrage of abuse and expletives. One of the owners, Jay or Alex, called my sister-in-law a “thick c**nt” and told her not to come back.
She was in floods of tears. Completely shaken by the way she was spoken to which was inappropriate and revolting.
That is out of order.
If you can’t deal with customers, you shouldn’t be in the hospitality trade. And if you use foul, abusive language like that to a customer, it is completely unacceptable.
A last-minute cancellation of a family table of eight is bad enough. Speaking to someone like that is completely unacceptable. There is no excuse.
A good pub sorts a booking problem. It doesn’t swear at the customer and tell them never to come back.
We’re posting this so people know how this venue handled it. A pub should not get away with calling a customer a thick c**nt.
PLEASE MAKE THE GOLDEN LION IN BRIXHAM FAMOUS!!!
If you think that’s unacceptable, share this.
The Golden Lion @brixgoldenlion
65 New Road, Brixham, TQ5 8NL
Owners and Landlords: Jay Davidson and Alex
All the bullshit between Reform and Restore. I want nothing to do with it!
If you are Reform and spend your day talking down Restore and the same in reverse, you are part of this problem.
And you idiots wonder why people cant be bothered with politics.
Work together or shut up!
Your shit is becoming tedious.