A new book by journalist Ross Clark, titled "Britain is Bust," paints a picture of the state of the UK's public finances. The book suggests that the UK has been living beyond its means for many years, a trend observed over the past 25 years.
Clark's book covers various periods, including Gordon Brown's time as Chancellor, the financial crisis, the Tory-Liberal coalition government's austerity attempts, the pandemic, energy price shocks, and Liz Truss's premiership. The author of the source article notes that the expansion of public spending and the state has been a consistent theme for decades, with only a brief reduction during David Cameron and George Osborne's austerity programme.
The UK's current deficit is a little over 4 per cent. Clark reportedly suspects that a financial crisis, rather than a political party prioritising comprehensive deficit reduction, will force the country to confront its financial reality.