RE: 30th October20 Oct 2024 23:56
67s
''Debt as a % of GDP reduced steadily under both Labour and Conservative Governments between 1945 and 1990''
After peaking at about 250% of GDP because of World war two borrowings from the USA, the rebuilding of bomb site Britain in the years following the war meant the inevitably reduction in the GDP ratio no matter who was in power. Since those early years following the war, most of the reduction in the debt ratio came under Conservative governments - not a great deal under Wilson/Callaghan. Maggie's government took the debt ratio down by getting on for 50% (from about 42% to below 22% of GDP). As I said, we need another Maggie, as since her departure the debt ratio has only gone up. The Blair government kept in place the Tory fiscal rules in the first few years resulting in a slight drop in the ratio, before Labour went their own way resulting once again in big increases to the ratio, getting on for doubling from what was inherited . Tories were then getting the ratio on a downward path once more after the coalition, then the pandemic hit.
'' I didn't think you were bothered in the slightest whether national debt was 50%, 100% or 200% of GDP?''
are you getting confused in your pre old age.
The level of debt is not of great importance (rare for it to fall) , what matters is the debt level as measured against GDP.