I’ve just suggested that there’s not a chance that the UK will default on its debt — and to base economic policy on that risk is absolutely absurd when all the market indicators suggest that government debt is the one thing people want to buy.

That’s not to say there’s no risk of a sovereign debt crisis. Ireland has protested at S & Ps downgrading of its debt — and rightly so as these agencies are a positive menace, so frequently have they go things wrong. In this case they do signal real risk though.

The risk of sovereign debt crisis and a consequent new banking crisis is real. Very real. But it won’t be UK debt that triggers it.

It may well, however, be UK debt that will help get us out of it, again.

Thank goodness it’s in demand and cheap to issue right now.