In a time of sluggish economic growth, the favourite way of squaring the circle of spending more but not increasing taxes is to borrow - and we have.
Keeping everybody’s lights on during the pandemic and homes heated after the Russian invasion of Ukraine has helped send our national debt up from £1.8 trillion to £2.8 trillion in recent years.
But the question for the chancellor Rachel Reeves is how much more debt we can afford - and how much more debt do the markets think we can afford?
So what’s the answer to that?
Guests:
Duncan Weldon, economist and author of 'Two Hundred Years of Muddling Through' Mehreen Khan, economics editor of The Times Chris Giles, economics editor of The Financial Times
Producers: Ben Carter, Kirsteen Knight and Sally Abrahams Productions co-ordinator: Maria Ogundele Sound engineer: Neil Churchill Editor: Richard Fenton-Smith