Interest Paid On Government Debt Increases Private Wealth

24th August 2024

Many on the political right-wing obsess about interest paid on government debt as if it disappears into some black hole. It doesn't. It's just interest paid on savings deposited with the government and there's been nothing excessive about its overall cost of late.

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’.