The first time the UK government borrowed on international markets it was to fund a war against Napoleon. Over the last 200-years we have gone on to build up £500 billion of national debt, but claimed to have established a golden rule that debt as a percentage of Gross Domestic Product should not exceed 40%.

Following the Pre Budget Statement we now know that Government borrowing, as a percentage of GDP, is to rise to at least 57.4% in adding another £500 billion plus to our national debt.  In other words we will do in 5-years what it has taken us 200-years to achieve in the past.  Not bad going, if only it wasn’t so disasterous!