The sectoral balances show that the government has very little control over the national debt https://www.taxresearch.org.uk/Blog/2024/05/15/the-sectoral-balances-show-that-the-government-has-very-little-control-over-the-national-debt/ When the government discusses what it calls national debt, it forgets something really important - that if it supposedly owes money, there must be someone it owes to. Those people it might owe it to are either households, businesses, or people from overseas saving in sterling in the UK. And if all those three groups decide to save then the government has no choice but to borrow.
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