{"id":95129,"date":"2026-08-22T08:29:49","date_gmt":"2026-08-22T07:29:49","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=95129"},"modified":"2026-08-22T08:29:49","modified_gmt":"2026-08-22T07:29:49","slug":"lbc-this-morning","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2026\/08\/22\/lbc-this-morning\/","title":{"rendered":"LBC: This morning"},"content":{"rendered":"<p class=\"p1\">I have just finished a live broadcast on LBC Radio with Matthew Wright, discussing whether we should worry about the UK\u2019s national debt approaching \u00a33 trillion.<\/p>\n<p class=\"p1\">An Institute for Fiscal Studies representative said yes, we should, and the debt should be cut, or the time would come when there was a crisis and we would be out of credit, which, with respect, shows a fundamental lack of economic knowledge.<\/p>\n<p class=\"p1\">Matthew made clear he knew I would offer a differing opinion and gave me as much time as he could.<\/p>\n<p class=\"p1\">I explained:<\/p>\n<ul>\n<li>The national debt is just money spent into the economy not taxed back.<\/li>\n<li class=\"p1\">This so-called debt is just savings deposited with the government.<\/li>\n<li class=\"p1\">Repaying it will cut private wealth.<\/li>\n<li class=\"p1\">It will require taxes in excess of spending, and that will create a recession.<\/li>\n<li class=\"p1\">We have no financial constraint; the government makes our money.<\/li>\n<li class=\"p1\">If we want to cut interest costs, tell the Bank of England to cut the base rate.<\/li>\n<li class=\"p1\">And cut interest on central bank reserve accounts.<\/li>\n<\/ul>\n<p class=\"p1\">There was probably more \u2013 time flies when you are on air.<\/p>\n<p class=\"p1\">Matthew said we could talk for longer.<\/p>\n<p class=\"p1\">The producer assured me I would be back.<\/p>\n<p class=\"p2\">The playback is, I am sure, on the web, but I need to get ready for a morning of birdwatching.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I have just finished a live broadcast on LBC Radio with Matthew Wright, discussing whether we should worry about the UK\u2019s national debt approaching \u00a33<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2026\/08\/22\/lbc-this-morning\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,174,224],"tags":[],"class_list":["post-95129","post","type-post","status-publish","format-standard","hentry","category-economics","category-modern-monetary-theory","category-neoliberalism"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/95129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=95129"}],"version-history":[{"count":1,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/95129\/revisions"}],"predecessor-version":[{"id":95130,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/95129\/revisions\/95130"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=95129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=95129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=95129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}