The National Debt Need Never Be Repaid

18th August 2024

The national debt is widely misunderstood. The reality is that this is not a burden. It underpins UK banking. It's fundamental to UK savers. And a part of it in the UK represents the government's way of creating the money supply on which we all depend. Repaying it would be absolutely disastrous.

ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax'.