Govts, including our own, borrowed massively during covid. They continue to borrow massively for a myriad of political projects on top of enormous increases in spending in health, housing and every govt dept. They’re chasing inflation with public sector pay rises. The problem with growing the State to such massive levels is that it’s unsustainable if you can’t keep borrowing. We have put this spending on the credit card. We need the internet rate on that credit card to stay at its historically low levels. But then Inflation arrived….