Kali2 you will find MaizieD tells us it’s not like a household budget that has to be ‘paid back’.
Indeed I would, Ug, and so would any economist. Just try googling it and you'll see loads of results from economists saying that a national economy is not like a household economy.
Do you know what all this supposed 'borrowing' is?
A small part of it is people's savings and investments; National Savings, Premium Bonds and treasury bonds.
People like investing with the government because it is very safe. Because the government will never default. Unlike the commercial banks in the 2007 global financial crisis. If the Labour government hadn't stepped in with quantitative easing all the money people had in their bank accounts would have just gone, 'pouf'... then we'd have been in a real mess.
A large part is money created by a few key strokes by the Bank of England. They're the one that create money and what is more, they are legally obliged to pay anything that the government tells them to pay.
A bit of a conundrum; the government 'owes' money to the BoE, but the BoE belongs to the government and issues money on its orders. So, who 'owes' what to who?
Cuts to public spending are a huge con, and recessionary.